The final estimates of the University of Michigan Consumer Sentiment Index show a decline from 71.6 in July to 69.5 in August, below expectations of 71.2, down 2.9% monthly and up 19.4% annually.

The University of Michigan's Consumer Survey Center questions households each month on their assessment of current conditions and expectations of future conditions.

The current economic conditions index fell from 76.6 in July to 75.7 in August, down 1.2% monthly and up 29.2% annually. The reading was lower than expectations of 77.4.

The index of consumer expectations declined from 68.3 in July to 65.5 in August, down 4.1% monthly and up 12.9% yearly. The print was sharply lower than the forecasted 67.3.

The year-ahead inflation expectations ticked marginally higher from 3.4% to 3.5%, above the expected 3.3%.

Long-run inflation expectations also increased slightly from 2.9% in July to 3% in August, in line with the expected 3.0%.