By Ed Frankl Consumer confidence in Germany weakened for the second consecutive month in data for October, as consumers prioritized more savings over...
Consumer confidence in Germany weakened for the second consecutive month in data for October, as consumers prioritized more savings over spending amid a gloomy economic picture.
The reading misses expectations of minus 26.0, according to a consensus of economists polled by The Wall Street Journal. "Although economic expectations have risen somewhat and both income expectations and the propensity to buy have shown minimal growth, the propensity to save has risen significantly, causing consumer sentiment to fall again," GfK consumer expert Rolf Buerkl said.
Persistently high inflation due to rising food and energy prices has dragged down consumer sentiment, and chances of a recovery there have"probably fallen to zero," Buerkl said.
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