Slight decline in German consumer confidence for the month of September, weighed down by worries related to the debt crisis and the possibility of a new phase of recession in Europe and the United States. The Gfk index fell in September to 5,2 points, in line with expectations, from 5,4 points in August. This is the third consecutive monthly decrease, with the index reaching a 10-month low.
The sub-index relating to consumers' expectations on the economic trend showed a marked drop to 13,4 from 44,6 in the previous month. "The worsening of the debt crisis together with the sharp drop in stock markets globally is impacting consumer morale in a way that is only slight for now" reads the note from Gfk. “The extremely positive internal context, with the fall in unemployment and the increase in incomes, is offsetting the negative factors”.
