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Financial News: German Consumer Confidence Set To Fall In November

German Consumer Confidence Set To Fall In November

10/25/2019 - 02:28:00 (RTTNews)

(RTTNews) - German consumer confidence is set to weaken to a three-year low in November, survey data from the market research group GfK showed Friday.

The forward-looking consumer sentiment index fell to 9.6 in November from revised 9.8 in October. The expected score was 9.8.

Besides global economic downturn, trade conflicts and Brexit chaos, job losses especially in the automobile industry and financial market weighed on sentiment. As a consequence, the consumer climate fell to its lowest level since November 2016, said Rolf B├╝rkl, GfK consumer expert. Nevertheless, private consumption will remain an important pillar for the German economy this year.

The economic expectation indicator fell 4.8 points to -13.8 points in October. The last time a lower value was registered was almost seven years ago in December 2012.

The income expectation index dropped 7.8 points to 39.0 points, the lowest in almost six years.

Despite a fall, propensity to buy maintained its excellent level in October. The index declined 3.4 points to 51.7.

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