Consumer confidence Expectations Index just hit 68.2, a recession warning?

Anyone following this closely? So the Conference Board's August print came in at 89.4 overall, which is bad enough, but the Expectations component collapsed to 68.2. Below 80 has reliably preceded recessions within 12 months going back decades. Add to that, we have Canada confirmed retaliatory tariffs effective Sept 8, WTI crude fell 3% on demand fears (not supply), and 12-month inflation expectations are now at 5.8% while payrolls are already negative. Equities shrugged it off for now: S&P +0.32%, Nasdaq +0.66%, but it's hard to square that with what the macro data is saying.