U.S. consumer sentiment fell in August, the University of Michigan reported Friday.
The universityâ€™s final August reading dropped to 91.9 from 93.1 in July. The result was lower than the surveyâ€™s preliminary August reading of 92.9 and was the indexâ€™s lowest result since May.
Despite the decline, consumer sentiment remains relatively strong. Economists closely watch consumer-confidence indexes for clues on consumer spending, which accounts for about 70 percent of U.S. economic activity.