After improving a bit in July, The Conference Board’s Consumer Confidence Index tumbled in August as Americans held tight to their wallets, worried the economy was heading towards another recession.

The Index, which was released on Tuesday, clocked in at 44.5, down from a revised 59.2 in July. The Present Situation Index fell to 33.3 from 35.7, while the Expectations Index plummeted to 51.9 from 74.9 last month.

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