Consumers remain confident in US economy

August spending higher than expected

By Anneken Tappe, CNN Business
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Customers look on as a Walmart cashier rings up their purchases at a Walmart store on Aug. 15, 2019, in Richmond, California. Walmart beat analyst expectations with second quarter revenue of $130.4 billion.

(CNN) - America's consumer continues to fuel the economy, and they are confident that the good times will continue.

Although economists expected consumer confidence would take a hit in August, following a very strong July, American consumers remain far more confident in the US economy than many predicted.

In August, the Conference Board consumer confidence index stood at 135.1, slightly down from 135.8 in July, but far above the Refinitiv consensus forecast of 129.5.

"Consumers' assessment of current conditions improved further, and the present situation index is now at the highest level in nearly 19 years," said Lynn Franco, senior director of economic indicators at The Conference Board.

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