The University of Michigan Consumer Confidence Index in the U.S. fell by about 6% in August.

According to a report by Golden Finance, a survey released by the University of Michigan shows that the final value of the U.S. consumer confidence index for August is 58.2, a decrease of about 6% from July, marking the first decline in four months. The survey indicates that the current economic conditions index fell from 68.0 in July to 61.7; the consumer expectations index dropped from 57.7 in July to 55.9, also lower than the 72.1 recorded in August last year. The survey reveals that as many as 43% of respondents mentioned that high prices are affecting their standard of living. This percentage is higher than the 39% in July, reaching the highest level in nearly five months. Joann Hsu, director of the consumer survey project at the University of Michigan and an economist, stated that following a slight improvement in July, expectations for the U.S. labor market worsened in August. Approximately 63% of respondents expect the unemployment rate to rise in the coming year, up from 37% in the same period last year.