Investors withdrew from U.S. equity funds for a fifth consecutive week in the seven days to Aug. 30, driven by investor risk aversion amid upcoming reports on inflation and non-farm payrolls.

According to Refinitiv Lipper data, investors pulled a net $4.54 billion from U.S. equity funds. However, the outflow was less than the $11.39 billion net disposals a week ago.

The Commerce Department's report on Thursday, meanwhile, assuaged some concerns, revealing that the PCE price index, which the Fed tracks closely for its inflation target, rose by 3.3% year-on-year in July, meeting expectations.

Investors exited about $2.4 billion worth of equity value funds in their biggest weekly net selling since May 10. Growth funds also booked about $1.68 billion worth of outflows.

U.S. equity sector funds still obtained $484 million in inflows, thanks to significant purchases in metals & mining and tech sectors that drew about $410 million and $329 million, respectively.

U.S. investors, meanwhile, sought safer money market and government bond funds as they drew a net $7.29 billion and $518 million, respectively, in inflows.

U.S. bond funds, however, witnessed a combined net outflow of about $1.26 billion, with short/intermediate investment-grade, inflation-protected, and general domestic taxable fixed income funds losing about $1.89 billion, $1.13 billion, and $530 million, respectively, in net selling.

High-yield bond funds, however, received $1.22 billion in their first weekly inflow since July 19.

(Reporting by Gaurav Dogra and Patturaja Murugaboopathy in Bengaluru in Bengaluru)