NEW YORK - The University of Michigan's preliminary August consumer sentiment index reading was 54.9, compared to the final July 63.7, preliminary July 63.8, and the final June 71.5, according to market sources.
The expectations index was 45.7, compared to 56.0 in July, 55.8 earlier in July, and 64.8 in June.
The current conditions index was 69.3, compared to 75.8 in July, 76.3 earlier in July, and 82.0 in June.
Economists polled by Thomson Reuters had predicted a 63.0 reading for the main index, 74.5 for current conditions and 55.0 for expectations.
The five-year inflation expectation index was 2.9% compared to 2.9% in July, and 3.0% in June, while the one-year inflation expectation index was 3.4%, compared to 3.4% in July, and 3.8% in June.
The University of Michigan index is not released to the press, but only to paying subscribers.
