The mood among German shoppers deteriorated unexpectedly heading into January, with consumers scaling back their personal income expectations and pessimism over the economic growth outlook
BERLIN - The mood among German consumers deteriorated unexpectedly heading into January, a survey showed on Friday, suggesting that household spending in Europe’s largest economy could weaken at the beginning of next year.
Household spending has turned into a steady and reliable driver of growth in Germany helped by record-high employment, inflation-busting pay hikes and historically low borrowing costs, providing a buffer against trade-related problems. “News about job cuts in some industrial sectors, such as the car industry and automobile suppliers, are leading to less optimistic income expectations,” Buerkl said.
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