Consumer confidence in the United States fell in August, as consumers' expectations for inflation over the next 12 months increased due to higher tariffs.
 
Data released by the Conference Board on Tuesday revealed that the Consumer Confidence Index fell to 97.4 in August, from 98.7 in July, revised up by 1.5 points.
 
This is compared to expectations for the index to remain unchanged at 98.7.
 
The data also showed that the Present Situation Index, based on consumers' assessment of labor market and business conditions, fell by 1.6 points to 131.2.
 
The Expectations Index, based on consumers' short-term outlook for income, business environment, and labor market conditions, dropped by 1.2 points to 74.8 points, but remained below the threshold of 80, which typically signals a recession ahead.
 
Data indicated that 12-month inflation forecast rose to 6.2% in August after three months of decline, compared to 5.7% in July, but remains below its peak of 7% in April.

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