Americans' view of the U.S. economy declined modestly in August as anxiety over a weakening job market grew for the eighth straight month. The Conference Board said Tuesday that its consumer confidence index ticked down by1.3 points to 97.4 in August, down from July's 98.7, but in the same narrow range of the past three months. A measure of Americans' short-term expectations for their income, business conditions and the job market fell by 1.2 points to 74.8, remaining significantly below 80, the marker that can signal a recession ahead. Consumers' assessments of their current economic situation also fell modestly, to 131.2 in August from 132.8 in July.

Federal Reserve Chair Jerome Powell on Friday opened the door ever so slightly to lowering a key interest rate in the coming months but gave no hint on the timing of a move and suggested the central bank will proceed cautiously as it continues to evaluate the impact of tariffs and other policies on the economy. In a high-profile speech closely watched at the White House and on Wall Street, Powell said that there are risks of both rising unemployment and stubbornly higher inflation. Yet he suggested that with hiring sluggish, the job market could weaken further.

Most Federal Reserve officials said last month that the threat of higher inflation was a greater concern than the potential for job losses, leading the central bank to keep its key rate unchanged. According to the minutes of the July 29-30 meeting, released Wednesday, members of the Fed's interest-rate setting committee "assessed that the effects of higher tariffs had become more apparent in the prices of some goods but that their overall effects on economic activity and inflation remained to be seen." The minutes underscored the reluctance among the majority of the Fed's 19 policymakers to reduce the central bank's short-term interest rate.

Shoppers spent at a healthy pace in July, particularly at the nation's auto dealerships, even as President Donald Trump's tariffs start to take a toll on jobs and lead to some price increases. But the figures also underscore how uncertainty around the expansive duties is pushing shoppers to step up their purchases of dishwashers, furniture and other items ahead of the expected price increases. Retail sales rose a solid 0.5% last month, and June spending was stronger than expected, according to the Commerce Department's report released Friday. June's retail sales were revised upward to 0.9% from the original 0.6% increase, the agency said. The pace in July matched economists' estimates.

U.S. inflation was unchanged in July as rising prices for some imported goods were balanced by falling gas and grocery prices, leaving overall prices modestly higher than a year ago. The figures suggest that slowing rent increases and cheaper gas are offsetting some impacts of President Donald Trump's sweeping tariffs. Many businesses are also absorbing much of the cost of the duties. Tuesday's figures likely include some impact from the 10% universal tariff Trump imposed in April, as well as higher duties on countries such as China and Canada.