WASHINGTON — 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.
Consumers showed a broad drop in confidence about major purchases, a possible caution signal for spending following strong gains in the second quarter, with the decline in the main sentiment gauge concentrated among households in the bottom third of incomes. 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 homebuying conditions were seen less favorably than any time in about a decade.
Respondents also continued to express concern about how trade tensions may affect the economy. Negative references to levies remained widespread, with 32 percent citing unfavorable references to the trade policy in early August, according to the report, following 35 percent in July.
