U.S. consumer sentiment unexpectedly fell to the lowest level in almost a year amid less favorable views on purchasing big-ticket items and persistent concerns about trade tensions, a University of Michigan report showed Friday.
Sentiment index decreased to 95.3 (est. 98) from prior month's 97.9; lowest since Sept., below all analyst estimates Current conditions gauge, which measures Americans' perceptions of their finances, fell to 107.8 from 114.4 in July; 6.6-point drop is biggest since Aug. 2011. Expectations measure unchanged at 87.3. Expected change in prices during the next year unchanged at 2.9%.
Consumers showed a broad drop in confidence about major purchases, a possible caution signal for spending following strong gains in the second quarter. Buying conditions for large household durable goods slipped to the lowest level in almost four years, vehicle-buying views were the least favorable since 2013, and home-buying conditions were seen less favorably than any time in about a decade.
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