Investing.com - U.S. consumer confidence deteriorated unexpectedly in January, industry data showed on Tuesday.
In a report, the Conference Board, a market research group said its index of consumer confidence fell by 3.7 points to 61.1 in January from a reading of 64.8 in December, whose figure was revised up from 64.5.
Analysts had expected the index to rise by 3.4 points to 68.2 in January.
The Present Situation Index declined to 38.4 from 46.5. The Expectations Index edged down to 76.2 from 77.0 in December.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumers' assessment of current business and labor market conditions turned more downbeat and is back to November 2011 levels.”
“Recent increases in gasoline prices may have consumers feeling a little less confident this month," she added.
Following the release of the data, the U.S. dollar added to gains against the euro, with EUR/USD easing down 0.14% to trade at 1.3125.
Meanwhile, U.S. equity markets trimmed gains after the open. The Dow Jones Industrial Average rose 0.15%, the S&P 500 index advanced 0.1%, while the Nasdaq Composite index added 0.2%.
In a report, the Conference Board, a market research group said its index of consumer confidence fell by 3.7 points to 61.1 in January from a reading of 64.8 in December, whose figure was revised up from 64.5.
Analysts had expected the index to rise by 3.4 points to 68.2 in January.
The Present Situation Index declined to 38.4 from 46.5. The Expectations Index edged down to 76.2 from 77.0 in December.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumers' assessment of current business and labor market conditions turned more downbeat and is back to November 2011 levels.”
“Recent increases in gasoline prices may have consumers feeling a little less confident this month," she added.
Following the release of the data, the U.S. dollar added to gains against the euro, with EUR/USD easing down 0.14% to trade at 1.3125.
Meanwhile, U.S. equity markets trimmed gains after the open. The Dow Jones Industrial Average rose 0.15%, the S&P 500 index advanced 0.1%, while the Nasdaq Composite index added 0.2%.