Business News
German consumer confidence drops slightly
Oct 26, 2009, 10:54 GMT
Nuremberg - German consumers have turned slightly more pessimistic about the future, a key index showed Monday, reflecting worries about jobs and rising energy costs.
The index presented by the market research institute GfK for November dropped 0.2 percentage points to a reading of 4.0, the first monthly decline since September of 2008.
The Nuremberg-based GfK also cited the expiration of the German government's bonus for motorists turning in their old cars in order to buy new ones as a factor in a reduced outlook for consumer spending.
But despite the November dip, private consumption was expected to be a major pillar for the economy. However, whether this would remain the case next year still remained to be seen in view of projections of rising unemployment, the GfK said in its report.
A parallel index for October, measuring Germans' economic expectations down the line, showed a slightly better picture, rising 8.7 points to a reading of 36 points above the October 2008 reading. It was the seventh straight monthly increase for this index.
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