US Economy

US consumer sentiment index at 92.9 in Aug vs 93.5 expected

Customers browse clothing at a J.C. Penney store in Brooklyn, New York.
Michael Nagle | Bloomberg | Getty Images

U.S. consumer sentiment came in lower in early August, missing expectations, according to a report released on Friday.

The Thomson Reuters/University of Michigan's preliminary August reading on the index was 92.9. That was slightly lower than the previous month's reading of 93.1 and Reuters' estimates for 93.5.

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"Renewed strength in personal finances largely offset slight declines in prospects for the national economy and buying conditions," said Surveys of Consumers Chief Economist Richard Curtin in a statement.

"The declines in prospects for the economy probably reflect the expected increases in interest rates, while the eventual but small impacts from falling commodity prices, the devaluation of the renminbi, and a weaker global economy have yet to occur (other than from declines in oil prices)."

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