Survey: German consumer confidence holding up

Associated Press

BERLIN (AP) — A survey finds that consumer confidence in Germany, Europe's biggest economy, is holding up despite increasing worries about the economic outlook.

The GfK research institute said Tuesday that its forward-looking consumer confidence indicator for November stands at 5.3 points — up from 5.2 points in October.

GfK says that consumers "remain very optimistic" about income expectations and that their willingness to buy also is being helped by low unemployment and rising salaries.

But it says Germans' economic expectations dropped in October to their lowest level since August 2009 — continuing a decline over the past year that has been fueled by mounting concern over the potential fallout from the eurozone debt crisis.

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