A report from the University of Michigan revealed on Friday the preliminary reading for the Reuters/Michigan index of consumer sentiment fell to 92.1 in early August, its lowest level since the start of the year.

Economists had expected the index would decrease to 97.2 this month from July’s final reading of 98.4.

According to the report, the index of current U.S. economic conditions dropped to 107.4 in August from 110.7 in the previous month. Meanwhile, the index of consumer expectations declined to 82.3 this month from 90.5 in July.

Monetary and trade policies have heightened consumer uncertainty - but not pessimism - about their future financial prospects, the report noted.