Investing.com – Consumer confidence in the U.S. plunged unexpectedly in March, 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 43.0 in March, down from February's reading of 50.9.
Economists had expected the index to increase to 51.8 in March.
A reading above 50.0 indicates optimism, while those below 50.0 point to pessimism.
The index was 3.7 points below its 12-month average of 46.7 and 1.4 points below its reading of 44.4 in December 2007 when the economy entered into the recession.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD sliding 0.66% to hit 1.3877.
Meanwhile, U.S. equity markets were mixed. The Dow Jones Industrial Average gained 0.31%, the S&P 500 index added 0.37%, while the Nasdaq Composite index eased down 0.09%.
In a report, Investor's Business Daily and TechnoMetrica Market Intelligence said their IBD/TIPP Economic Optimism Index dropped to 43.0 in March, down from February's reading of 50.9.
Economists had expected the index to increase to 51.8 in March.
A reading above 50.0 indicates optimism, while those below 50.0 point to pessimism.
The index was 3.7 points below its 12-month average of 46.7 and 1.4 points below its reading of 44.4 in December 2007 when the economy entered into the recession.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD sliding 0.66% to hit 1.3877.
Meanwhile, U.S. equity markets were mixed. The Dow Jones Industrial Average gained 0.31%, the S&P 500 index added 0.37%, while the Nasdaq Composite index eased down 0.09%.