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U.S. IBD/TIPP economic optimism improves to 41.4 from 38.4

Published 11/05/2013, 10:07 AM
Updated 11/05/2013, 10:07 AM

Investing.com - Consumer confidence in the U.S. improved more-than-expected in November, bouncing off the previous month’s 26-month low, industry data showed on Tuesday.

In a report, Investor's Business Daily and TechnoMetrica Market Intelligence said their IBD/TIPP Economic Optimism Index rose to 41.4 in November from October’s reading of 38.4.

Economists had expected the index to rise 41.1 this month.

A reading above 50.0 indicates optimism, while those below 50.0 point to pessimism.

The index is 3.6 points below its 12-month average of 45.0, 3.0 points below its reading of 44.4 in December 2007 when the economy entered the recession, and 8.1 points below its all-time average of 49.5.

Following the release of the data, the U.S. dollar added to gains against the euro, with EUR/USD shedding 0.47% to trade at 1.3451.

Meanwhile, U.S. stock markets remained lower. The Dow Jones Industrial Average fell 0.65%, the S&P 500 index declined 0.6%, while the Nasdaq Composite index dipped 0.6%.

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