Consumer confidence falls in august

Consumer confidence fell in August, according to data released Friday, reflecting concerns about persistent inflation.

The University of Michigan index stood at 51.7 points in August, a slight upward revision from the preliminary reading of 51 points. This represented a decline from the July reading of 55.2 points.

"Consumer sentiment confirmed its early month reading, falling about six percent from last month," said Joanne Hsu, director of the survey.

This represents an 11% drop from a year ago, with pessimism fueled, she said, by "ongoing concerns that inflation will remain high in the near future."

This result comes months before the November midterm elections, which are crucial for President Donald Trump's Republican Party.

The survey data showed that older consumers, along with low- and middle-income groups, saw a sharper drop in confidence.

Although expectations for annual inflation fell slightly to 4.0% from 4.2% in July, current readings still exceed pre-war levels.