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German consumer mood rises to its highest since 2001 – GfK

German consumer confidence increased to 10.6 in July, its highest level since 2001, GfK survey showed.

The economic expectations sub-index in June surged to 41.3 from 38.8 in May, reaching the top since July 2014. The index rises for the fourth consecutive month.

A sub-index for income expectations rose in June by 1.7 points - to 60.2, its highest level since the unification of Germany in 1991.

The propensity to buy sub-index soared by 2.2 points - up to 57.9 points.

A positive outlook for revenue and expenditure growth is associated with an improving situation in the labor market. An employment rate is still increasing, and unemployment is declining. According to the Federal Employment Agency, in May this year, about 2.5 million unemployed were registered, which is the lowest level in the last 26 years.

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