Consumer sentiment in the U.S. has improved by less than expected in the month of August, according to a preliminary report released by the University of Michigan on Friday.
The report said the consumer sentiment index inched up to 90.4 in August from the final July reading of 90.0. Economists had expected the index to climb to 91.5.
"Confidence inched upward in early August due to more favorable prospects for the overall economy offsetting a small pullback in personal finances," said Richard Curtin, the survey's chief economist.
He added, "Most of the weakness in personal finances was among younger households who cited higher expenses than anticipated as well as somewhat smaller expected income gains."
While the index of consumer expectations rose to 80.3 in August from 77.8 in July, the index measuring opinions of current economic conditions fell to 106.1 from 109.0.
On the inflation front, one-year inflation expectations dipped to 2.5 percent in August from 2.7 percent in July, while the five-year inflation outlook held at 2.6 percent.
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