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GfK expects German consumer climate to cool further in June

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GfK expects German consumer climate to cool further in June

German consumer climate eased slightly in May and is expected to cool a bit more in June, according to market research firm GfK.

GfK's consumer climate index was revised down to 10.2 in May from a prior stable month-over-month reading of 10.3. The index is forecast to edge lower to 10.1 in June.

While still in positive territory, consumer sentiment could dampen if trade uncertainty with the U.S. and Brexit discussions continue, GfK said.

German consumers' view of the economic outlook worsened in May, with the corresponding indicator losing 1.3 points to 1.7 due to concerns over the global economic slowdown, lingering Brexit uncertainty and trade tensions with the U.S.

Meanwhile, income expectations in the country rose, with the relevant indicator adding 0.9 point to 57.7 in May.

The indicator for consumers' propensity to buy decreased by 2.6 points in May to 50.5. Despite the decline, the reading suggests a high level of propensity to buy despite the economic situation, partly due to a good and stable job market, GfK wrote.