Germany's GfK consumer confidence drops to -30.6 for October
The index fell further below a consensus of -27.4, according to InvestingLive, as households stayed pessimistic despite an improving prior reading.
Published
Germany's GfK consumer confidence index fell to -30.6 in October, down from a September reading later revised to -26.8, according to InvestingLive. The outlet said analysts had expected a smaller decline to -27.4.
The GfK/NIM gauge draws mainly on income expectations, willingness to buy and willingness to save, InvestingLive said. The outlet described German consumer confidence as remaining historically weak despite recent signs of improvement.
That improvement had been visible in September, when the forward-looking indicator climbed as households grew more optimistic about income, InvestingLive reported. October's reading erases that gain.
The scale of the miss points to household sentiment weakening even as September's business surveys and fuel tax relief measures pointed the other way, suggesting the recovery in economic momentum may be more fragile than those signals implied. With political tension around Chancellor Merz, rising bond yields and pressure on real purchasing power all still in play, the data lend weight to the view that stimulus alone will not be enough to quickly restore consumers' willingness to spend.