The University of Michigan said consumer sentiment dipped more than initially estimated, with current conditions and expectations falling and inflation outlooks rising.

WASHINGTON — The University of Michigan released a report on Friday showing consumer sentiment in the U.S. deteriorated by slightly more than previously estimated in the month of August.

The report said the consumer sentiment index for August was downwardly revised to 58.2 from the preliminary reading of 58.6. Economists expected the consumer sentiment index to be unrevised from the preliminary reading, which was still down from 61.7 in July.

"Sentiment now stands about 11% above readings from April and May but remains at least 10% below 6 and 12 months ago," said Surveys of Consumers Director Joanne Hsu.

"This month's decrease was visible across groups by age, income, and stock wealth," she added. "Moreover, perceptions of many aspects of the economy slipped."

The report said the current economic conditions index slumped to 61.7 in August from 68.0 in July, while the index of consumer expectations dipped to 55.9 in August from 57.7 in July.

On the inflation front, year-ahead inflation expectations jumped to 4.8% in August from 4.5 in July, reflecting increases across multiple demographic groups.

Long-run inflation expectations inched up to 3.5% in August 3.4% in July, rebounding following three straight months of decreases. Preliminary data showed long-run inflation expectations had surged to 3.9%.

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