The Conference Board announced on Tuesday its U.S. consumer confidence gauge fell 0.7 point to 135.1 in August from 135.8 in July.

Economists had expected consumer confidence to come in at 129.5.

July’s consumer confidence reading was revised slightly up from originally estimated 135.7.

The survey showed that the expectations dropped from 112.4 last month to 107.0 this month, while the present situation index increased from 170.9 to 177.2.

Lynn Franco, Senior Director of Economic Indicators at The Conference Board, noted, “Consumer confidence was relatively unchanged in August, following July’s increase. Consumers’ assessment of current conditions improved further, and the Present Situation Index is now at its highest level in nearly 19 years (Nov. 2000, 179.7). Expectations cooled moderately, but overall remain strong. While other parts of the economy may show some weakening, consumers have remained confident and willing to spend. However, if the recent escalation in trade and tariff tensions persists, it could potentially dampen consumers’ optimism regarding the short-term economic outlook.”