48°FOvercastFull Forecast

U.S. consumer sentiment falls from 6-year high

Published: Friday, Aug. 30, 2013 8:42 p.m. CDT

WASHINGTON – A measure of U.S. consumer confidence slipped this month from a six-year high in July, as Americans expressed less optimism about the coming months.

The University of Michigan says its final reading of consumer sentiment dropped to 82.1 in August from 85.1 in the previous month. Americans said they were less confident the job market will improve but more confident their income will rise.

Even with the decline, the index is nearly 8 points higher than a year ago. That suggests consumer spending could pick up later this year.

A separate report Friday showed consumer spending barely increased in July as income growth slowed.

Consumer spending drives about 70 percent of economic activity.

Get breaking and town-specific news sent to your phone. Sign up for text alerts from the Northwest Herald.

Reader Poll

When is the last time you donated to a food pantry?
Within the past few weeks
Within the past few months
This year
It's been a while