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Consumer sentiment fell to a more than two-year low and long-term inflation expectations jumped by the most since 1993, illustrating growing apprehension about the impact from tariffs.

Americans are feeling less confident financially as summer comes to a close and high prices and interest rates weigh on their willingness to spend.

U.S. consumer sentiment plummeted to a seven-month low in August on growing concerns about the economy even as the labor market shows few signs of weakening from robust levels.

Americans’ sentiment rose in the week leading up to the midterm congressional elections as gauges of views on the economy and household finances each jumped to 17-year highs, the Bloomberg Consumer Comfort Index showed Nov. 8.

Consumer confidence unexpectedly rose in August to the highest level since October 2000, according to a report Aug. 28 from the New York-based Conference Board, on improved assessments of the economy and the outlook.

Americans last week started feeling much more confident about the economy, pushing the Bloomberg News Consumer Comfort Index to a seven-week high and partly reversing an early-summer slump, figures released Aug. 3 showed.

A four-month high in U.S. consumer confidence reflects Americans’ sunnier views on both their current situation and outlook, a positive sign for the economy, data from the New York-based Conference Board showed Tuesday.