Investing.com – Consumer confidence in the U.S. declined unexpectedly in April, industry data showed on Tuesday.
In a report, Investor's Business Daily and TechnoMetrica Market Intelligence said their IBD/TIPP Economic Optimism Index dropped to 40.8 in April, down from March’s reading of 43.0.
Economists had expected the index to increase to 45.0 in April.
A reading above 50.0 indicates optimism, while those below 50.0 point to pessimism.
The index is 5.5 points below its 12-month average of 46.3 and 3.6 points below its reading of 44.4 in December 2007 when the economy entered into the recession.
This month the index also undercuts it previous low of 41.1 in October 2008 during the sub-prime turmoil 30 months ago.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD gaining 0.33% to hit 1.4483.
Meanwhile, U.S. equity markets were broadly lower. The Dow Jones Industrial Average tumbled 1.05%, the S&P 500 index slumped 0.85%, while the Nasdaq Composite index dropped 0.9%.
In a report, Investor's Business Daily and TechnoMetrica Market Intelligence said their IBD/TIPP Economic Optimism Index dropped to 40.8 in April, down from March’s reading of 43.0.
Economists had expected the index to increase to 45.0 in April.
A reading above 50.0 indicates optimism, while those below 50.0 point to pessimism.
The index is 5.5 points below its 12-month average of 46.3 and 3.6 points below its reading of 44.4 in December 2007 when the economy entered into the recession.
This month the index also undercuts it previous low of 41.1 in October 2008 during the sub-prime turmoil 30 months ago.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD gaining 0.33% to hit 1.4483.
Meanwhile, U.S. equity markets were broadly lower. The Dow Jones Industrial Average tumbled 1.05%, the S&P 500 index slumped 0.85%, while the Nasdaq Composite index dropped 0.9%.