(RTTNews) - Consumer sentiment in the U.S. improved by more than initially estimated in the month of August, according to revised data released by the University of Michigan on Friday.
The report said the consumer sentiment index for August was upwardly revised to 74.1 from the preliminary reading of 72.8. The index is now well above the July reading of 72.5.
The upward revision came as a surprise to economists, who had expected the consumer sentiment index to be unrevised at 72.8.
"The small August gain reflected fewer concerns about the year-ahead outlook for the economy, although those prospects still remained half as favorable as six months ago," said Surveys of Consumers chief economist Richard Curtin.
Reflecting the improved outlook, the index of consumer expectations rose to 68.5 in August from 65.9 in July. The currency economic conditions index inched up to 82.9 from 82.8.
The report also said one-year inflation expectations crept up to 3.1 percent in August from 3.0 percent in July, while five-year inflation expectations ticked to 2.7 percent from 2.6 percent.
Meanwhile, the Conference Board released a separate report on Tuesday showing U.S. consumer confidence unexpectedly declined for the second straight month in August.
The Conference Board said its consumer confidence index slumped to 84.8 in August after tumbling to a downwardly revised 91.7 in July.
The continued decrease came as a surprise to economists, who had expected the index to inch up to 93.0 from the 92.6 originally reported for the previous month.