Americans are feeling worse about the economy, survey finds

(CNN) - Many Americans are feeling less confident about the United States economy.

Consumer sentiment in August dropped roughly three points, according to a preliminary survey by the University of Michigan.

Rising inflation and tariffs are two of the main economic concerns.

The findings also show a continuing trend between the haves and the have-nots, with wealthy people spending more often and more freely, while lower-income households are cutting back on expenses.