Customers look on as a Walmart cashier rings up their purchases at a Walmart store on August 15, 2019 in Richmond, California.
Justin Sullivan | Getty Images
U.S. consumer sentiment fell to 92.1 in August, the lowest indicator readout since the start of 2019, according to preliminary data. That’s below Wall Street’s expectations and down from the July figure.
The University of Michigan released a preliminary August print on its consumer sentiment index Friday. Economists polled by Refinitiv expected the preliminary read on August consumer sentiment to reach 97, down from 98.4 in July.
The report comes amid a wild week for the stock market, but after a handful of bullish reports in the consumer sector.
On Tuesday, President Donald Trump announced the U.S. would delay proposed tariffs on certain Chinese imports, including clothing, electronics and footwear. The news sent retail stocks like Guess, Macy’s and Target surging.
Trump said he delayed the tariffs in part over concerns about shopping during the holiday season.
On Thursday Walmart topped Wall Street expectations for its second-quarter earnings report and got another boost in share price. The company also raised its full-year outlook. Shares gained more than 6% during the trading day.
Also on Thursday, the Commerce Department released solid July retail sales figures. Spending at retail stores and restaurants rose 0.7% during the month, after a 0.3% gain in June.
This is breaking news. Please check back for updates.
Correction: This story has been updated to reflect the Wall Street estimate for August consumer sentiment of 97 was lower than the July figure of 98.4.
