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9/23, 8:01 AM (Source: TeleTrader)
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GfK: German consumer confidence up in October

Consumer confidence in Germany improved slightly in October, GfK said in its report on Wednesday. The consumer climate index rose by 0.1 index points compared to September's level and landed at negative 1.6, failing to meet the analysts' expectations.

During the same period, the income expectations improved, with the indicator gaining 3.3 points to now stand at 16.1. The economic outlook continued a five-month upward trend, with the indicator moving 12.4 points up compared to the month prior and landing at 24.6 points.

"Despite rising infection figures and the increasing fear of tighter restrictions caused by the pandemic, the consumer climate has stabilized. The extensive support packages for business and consumers are clearly suitable measures to help Germany emerge from the worst recession since the war," GfK consumer expert Rolf Burkl asserted.

Breaking the News / BU