The final reading for the August Reuters/Michigan index of consumer sentiment came in at 89.8 compared to a preliminary reading of 92.1 and the July final reading of 98.4. That was the lowest reading since October 2016.

Economists had forecast the index to be unrevised at 92.1.

According to the report, the index of the current economic conditions fell to 105.3 from July’s final reading of 110.7.

Meanwhile, the index of consumer expectations decreased to 79.9 from July’s final reading of 90.5.

The report notes that the consumer sentiment index posted its largest monthly decline in August (-8.6 points) since December 2012 due to negative references to tariffs, which were spontaneously mentioned by one-in-three consumers.