Survey finds German consumer confidence slipping, with refugee crisis weighing on outlook

BERLIN – A survey has found that German consumer confidence has slipped for the third consecutive month, with the refugee crisis weighing on economic expectations.

The GfK research group said Wednesday its forward-looking consumer climate index dropped to 9.4 points for November — still a healthy reading — from 9.6 in October.

The government recently trimmed its 2015 growth forecast for the economy, Europe’s biggest, to 1.7 from 1.8 per cent. It cited weakness in China and other major emerging economies.

The GfK survey found consumers’ economic outlook at its lowest level in over two years. It said that’s linked to increasing concern that unemployment will rise, a worry fueled by the influx of asylum-seekers.

However, it said German consumers don’t feel the emissions-rigging scandal at Volkswagen will have much impact on employment.