German consumer confidence declined in June for the second month in a row, even though consumers saw the broader economic outlook for the country as stable, the GfK (Growth from Knowledge) market research institute reported on Wednesday.
"Consumer confidence this month reveals an extremely inconsistent picture," the Gfk reported from its Nuremberg headquarters.
Even though respondents saw Germany's basic economic situation as improving slightly, they were considerably more pessimistic on expectations with respect to their own income than in May.
The June consumer climate index came in at 10.1, with the forward-looking July figure at 9.8. The May figure was 10.2
"After sentiment on income showed itself as largely stable recently, it took a severe knock in June," GfK consumer expert Rolf Buerkl said. This indicator lost 12.2 points to 45.5, the lowest value since March 2017.
Germany's tight labour market over recent months has contributed to boosting income expectations, but there are increasing indications that the jobs boom could be tailing off, Buerkl said.
Fear of unemployment was rising among some workers, he added.
Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.
A single purchase
