Germany Gfk consumer sentiment for July dropped to 9.8, down from 10.1 and missed expectation of 10.0. On the positive side, Economic Expectation rose from 1.7 to 2.4. Gfk noted that “the downward spiral that economic expectation began at the start of 2018 halted in June, at least for the moment.” Still, “the global economic cooling off, on-going discussions around Brexit, and the trade war with the USA are putting a strain on the economic indicator”.
On the other hand, Income Expectations, which dropped from 57.7 to 45.5, was a major drag. Gfk noted: “the voices heralding the end of the employment boom are growing. As a result, fears concerning job losses have increased at a number of employers”.
