The University of Michigan's preliminary consumer sentiment index for August fell to 51.0, down from 55.2 in the previous month.

This reading came in below the median estimate of 55, based on a survey of 41 economists whose forecasts ranged from 51.0 to 57.2.

The current economic conditions index slipped to 51.8 from 54.8 in July, while the consumer expectations index declined to 50.6 from 55.4.

On inflation expectations, the median one-year outlook rose to 4.3% from 4.2% in the prior month.

The five-to-ten-year inflation expectations remained steady at 3.3%, unchanged from the previous month.