Financial News: German GfK Consumer Sentiment To Rise In January

German GfK Consumer Sentiment To Rise In January

12/19/2024 - 04:00:00 (RTTNews)

(RTTNews) - German consumer confidence recovered marginally towards the end of the year and it is forecast to rise again in January, survey data jointly published by the market research group GfK and the Nuremberg Institute for Market Decisions showed on Thursday.

The forward-looking consumer sentiment index posted -21.3 in January, up from -23.1 in December. The score was expected to rise to -22.6.

However, a sustained recovery in consumer sentiment is not yet in sight, as consumer uncertainty is still too high, NIM consumer expert Rolf Bürkl said. "The main reason is high food and energy prices. In addition, concerns about job security are growing in many sectors."

Discussions about job cuts, plant closures and the relocation of production abroad are raising concerns in the labor market.

Income and economic expectations and the willingness to buy rose in December, while the willingness to save weakened sharply.

The economic expectations index stabilized after four consecutive declines. The index climbed to +0.3 from -3.6 in November.

Although the downward trend in confidence stopped for the time being, consumers do not yet see any signs of a sustained economic recovery, GfK said. Research institutes forecast a minimal growth at the best for the coming year.

Income expectations also recovered somewhat following a sharp fall in November. The index rose to +1.4 from -3.5.

Despite the improvement, the score remained notably below the level seen in summer. Downward revisions in growth forecasts and rising unemployment prevent a significant recovery in income expectations.

Willingness to buy continued to increase in December. The indicator registered -5.4, up from -6.0 in the prior period.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

South Korea Q4 GDP Climbs 0.1% On Quarter (03 hr(s), 02 min(s), 19 sec(s) ago)
(RTTNews) - South Korea's gross domestic product improved a seasonally adjusted 0.1 percent on ...Full Story»

Japan Has Y130.936 Billion Trade Surplus (03 hr(s), 41 min(s), 19 sec(s) ago)
(RTTNews) - Japan posted a seasonally adjusted merchandise trade surplus of 130.936 billion yen in ...Full Story»

South Korea GDP Rises 0.1% In Q4 (04 hr(s), 14 min(s), 19 sec(s) ago)
(RTTNews) - South Korea's gross domestic product expanded a seasonally adjusted 0.1 percent on ...Full Story»

South Korea GDP Data Due On Thursday (05 hr(s), 23 min(s), 19 sec(s) ago)
(RTTNews) - South Korea will on Thursday release preliminary Q4 numbers for gross domestic product ...Full Story»

Ireland Property Price Inflation Slows For Third Month (13 hr(s), 07 min(s), 19 sec(s) ago)
(RTTNews) - Residential property price inflation in Ireland eased for the third month in a row in ...Full Story»

Poland Industrial Output Recovers; PPI Falls At Slower Pace (14 hr(s), 28 min(s), 19 sec(s) ago)
(RTTNews) - Poland's industrial production recovered in December on a rebound in mining and qu ...Full Story»

Iceland Jobless Rate Surges To 3.9% In December (14 hr(s), 39 min(s), 19 sec(s) ago)
(RTTNews) - Unemployment rate in Iceland climbed sharply to a three-month high in December after e ...Full Story»

UK Budget Deficit Surges On Interest Payments (15 hr(s), 02 min(s), 19 sec(s) ago)
(RTTNews) - The UK budget deficit more than doubled in December largely due to interest payments, ...Full Story»