WASHINGTON (AP) — 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 that 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 that the job market will improve but more confident that 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 that consumer spending barely increased in July as income growth slowed. Consumer spending drives roughly 70 percent of economic activity.