The University of Michigan’s final Consumer Sentiment Index came in at 51.7 in August, above the 51.0 forecast but below July’s 55.2. The reading confirmed the preliminary result released earlier this month. Although the latest account described sentiment as modestly improving, the month-on-month comparison in the existing record shows a decline. The index remains historically low against its long-term average of roughly 85 to 90 and reflects household views on the economy, personal finances and inflation. The survey also tracks one-year and five-year inflation expectations, which are important to Federal Reserve policy. Stable expectations could give officials more room to hold interest rates steady, while a renewed rise could reinforce a higher-for-longer stance. Economists and investors will assess the data for clues about consumer spending, inflation and the outlook for interest rates, stocks, bonds and the dollar.