Consumer confidence weakening in Germany

Friday, 25. October 2019 08:40

A forward-looking measure of consumer morale, calculated by GfK for the Eurozone's largest economy, was updated on Friday to show "a somewhat less optimistic future," the accompanying statement said. Germany's headline indicator dipped 0.2 points to come in at 9.6 points in the November reading compared to 9.9 from the initial print for this month.

Consumer climate soured across the board. Job losses weighed, on top of existing pressure from a general economic slowdown, which is near recession levels in the country, global trade frictions and Brexit unknowns. The main print is now at the weakest mark in three years, with main support in private expenditure.

The expectations component plunged 4.8 points to 13.8 under zero, its lowest since December 2012. The gauge of income projections sunk 7.8 points to 39, the worst level in almost six years. The index of the readiness to spend slipped 3.4 points to a still solid 51.7.

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