BERLIN - German consumer morale cooled slightly heading into June to hit its lowest level in more than two years as shoppers became less willing to buy and more downbeat about the growth outlook of Europe’s largest economy, a survey showed on Tuesday.
The GfK consumer sentiment indicator, based on a survey of around 2,000 Germans, fell to 10.1 points from a downwardly revised 10.2 in the previous month.The data suggests that household spending could weaken at the end of the second quarter after Ifo’s business sentiment survey showed that a recession in manufacturing is spilling over to parts of the services sector.
In the first three months of 2019, consumers were the main driver of a growth rebound of 0.4% quarter-on-quarter as shoppers are reveling in record-high employment, inflation-busting pay hike and low borrowing costs. The sub-index for income expectations rose to 57.7 points while the indicator measuring expectations for the wider economy fell to 1.7, the survey showed.
end austerity now before it strangles us all
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