German GfK consumer sentiment up at 8.5 heading into November

[BERLIN] German consumer morale picked up heading into November after slight declines in the previous two months, suggesting consumers feel confident about their own incomes and are willing to spend even though Germany's economy is slowing.

Market research group GfK said on Friday that its forward-looking consumer sentiment indicator, based on a survey of around 2,000 Germans, rose to 8.5 going into November from a revised 8.4 in October. It had touched 7 1/2 year highs of 8.9 in July and August.

The results exceeded even the highest estimate of 8.3 in a Reuters poll of 30 economists. The consensus forecast was for a reading of 8.0.

REUTERS