German consumer confidence hits lowest level since February

The forward-looking GfK consumer confidence index for November slid 0.2 points to 9.4, in line with analysts’ expectations, a drop which was attributed to the ongoing migrant crisis in Europe.

"The good mood seen among consumers in recent months is slowly waning," GfK said in a statement.

"As last month, economic expectations have fallen sharply, apparently under the influence of the ongoing refugee crisis.”

The economic expectations index declined for the fifth consecutive month, slumping from 6.4 to -2.9, while the gauge of consumer expectations fell below zero for the first time since May 2013 and slid below its long-term average.

The report added that approximately 44% of respondents believed unemployment will rise significantly, with 70% of the surveyed among those who expect a rise in unemployment citing the refugee crisis as the primary cause for their concern.

Meanwhile, the income expectations index remained steady at 47.7, while the gauge of Germans’ willingness to buy fell from 50.4 to 45.9.