Consumer Sentiment Declines in August

U.S. consumer sentiment eased more than expected in August, a survey released on Friday showed.

The University of Michigan's preliminary August reading on the overall consumer sentiment index came in at 92.9, down from the final reading of 93.1 in July. It was also below the median forecast of 93.5 among economists polled by Reuters.

The survey's barometer of current economic conditions was steady at 107.1 from 107.2 in July. It was slightly above a forecast of 107.0.

The survey's gauge of consumer expectations slipped to 83.8 from 84.1 in July and was marginally below an expected 84.0. The consumer expectations index reading was the lowest since November 2014.

The survey's one-year inflation expectation, meanwhile, was unchanged at 2.8 percent in August, while the survey's five-year inflation outlook was at 2.7 percent from 2.8 percent in July. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Meredith Mazzilli)