The University of Michigan's Consumer Sentiment Index declined to 58.2 in August, down from 61.7 in July, marking a three-month low and a 14.3% decrease year-over-year. The Current Conditions Index also fell to 61.7, while the Expectations Index dropped to 55.9. Additionally, short-term inflation expectations increased to 4.8%, and long-term expectations rose to 3.5%.