Investing.com - Consumer confidence in the U.S. tumbled to the lowest level since August 2011 in October, industry data showed on Tuesday.
In a report, Investor's Business Daily and TechnoMetrica Market Intelligence said their IBD/TIPP Economic Optimism Index fell to 38.4 in October from September’s reading of 46.0.
Economists had expected the index to rise 46.2 this month.
A reading above 50.0 indicates optimism, while those below 50.0 point to pessimism.
The index is 7.2 points below its 12-month average of 45.6, 6.0 points below its reading of 44.4 in December 2007 when the economy entered the recession, and 11.1 points below its all-time average of 49.5.
Following the release of the data, the U.S. dollar was lower against the euro, with EUR/USD adding 0.09% to trade at 1.3593.
Meanwhile, U.S. stock markets remained lower after the open. The Dow Jones Industrial Average fell 0.1%, the S&P 500 index shed 0.1%, while the Nasdaq Composite index declined 0.3%.
In a report, Investor's Business Daily and TechnoMetrica Market Intelligence said their IBD/TIPP Economic Optimism Index fell to 38.4 in October from September’s reading of 46.0.
Economists had expected the index to rise 46.2 this month.
A reading above 50.0 indicates optimism, while those below 50.0 point to pessimism.
The index is 7.2 points below its 12-month average of 45.6, 6.0 points below its reading of 44.4 in December 2007 when the economy entered the recession, and 11.1 points below its all-time average of 49.5.
Following the release of the data, the U.S. dollar was lower against the euro, with EUR/USD adding 0.09% to trade at 1.3593.
Meanwhile, U.S. stock markets remained lower after the open. The Dow Jones Industrial Average fell 0.1%, the S&P 500 index shed 0.1%, while the Nasdaq Composite index declined 0.3%.