India, Aug. 15 -- Consumer sentiment in the U.S. has unexpectedly deteriorated in the month of August, according to preliminary data released by the University of Michigan on Friday.
The University of Michigan said its consumer sentiment index fell to 58.6 in August from 61.7 in July. Economists had expected the index to inch up to 62.0.
"This deterioration largely stems from rising worries about inflation," said Surveys of Consumers Director Joanne Hsu. "Buying conditions for durables plunged 14%, its lowest reading in a year, on the basis of high prices."
"Overall, consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused," she added. "However, con...