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German consumer confidence is set to weaken in November, survey data from the market research group Gfk showed on Thursday.
The forward-looking consumer sentiment index fell more-than-expected to -3.1 from -1.7 in October. The index was forecast to drop to -2.8.
All three sub components, namely economic and income expectations and the propensity to buy declined in October.
After five rises in a row, the economic sentiment decreased seventeen points to 7.1 points in October. Consumers assumed that the much more active infection process in Germany will slow down the previously hoped for rapid recovery of the largest euro area economy.
Dwindling economic optimism affected consumer income prospects in October. The income expectation indicator slid 6.3 points to 9.8 in October.
In the wake of falling income prospects, the propensity to buy also accepted losses. With a fall of 1.4 points, the indicator reached 37.0 points in October.
