U.S. consumer sentiment fell in August to its lowest since last November while a barometer of current economic conditions rose to its highest since July 2007, a survey released on Friday showed.

The Thomson Reuters/University of Michigan's preliminary August reading on the overall index on consumer sentiment came in at 79.2, down from a final reading of 81.8 the month before. It was below the the median forecast of 82.5 among economists polled by Reuters, and was the lowest since a reading of 75.1 in November of last year.

"While the data implies differential prospects for retailers, consumer confidence remains at moderately positive levels, high enough to support a continued expansion in personal consumption during the year ahead,'' survey director Richard Curtin said in a statement.