October 29, 2024 at 07:00AM
Prior -21.2; revised to -21.0
Despite worries surrounding the economy, Germany’s consumer climate climbs to its highest level since April 2022 in the latest reading here. Looking at the details, both income expectations and the willingness to buy showed an improvement for the second time in a row. But despite a pick up in the headline reading, it is still at a relatively low level historically. GfK notes that:
“The level of Consumer Climate remains very low. The uncertainty caused by crises, wars and rising prices is still very much present and is preventing factors that encourage consumption, e.g. the real income growth, from taking full effect. Reports of a rising number of company insolvencies and plans to cut jobs or relocate production abroad are also preventing a more significant recovery in consumer sentiment.”
This article was written by Justin Low at www.forexlive.com.
