U.S. Consumer Sentiment Index Unexpectedly Decreases In August

Consumer sentiment in the U.S. has unexpectedly deteriorated in the month of August, according to preliminary data released by the University of Michigan on Friday.

The University of Michigan said its consumer sentiment index fell to 58.6 in August from 61.7 in July. Economists had expected the index to inch up to 62.0.

The report also said year-ahead inflation expectations increased to 4.9 percent in August from 4.5 in July, while long-run inflation expectations jumped to 3.9 percent in August from 3.4 percent in July.

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