German consumer confidence steady

AP News
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Posted: May 25, 2012 3:23 AM
German consumer confidence steady

A study shows German consumers remain cautiously confident in Europe's largest economy despite uncertainty in the wider 17-nation eurozone.

The GfK institute's forward-looking survey released Friday shows consumer confidence at 5.7 points for June, the same level as in May.

The survey shows that a drop in income expectations was offset by a rise in optimism about the future and willingness to buy.

GfK says "despite recessionary trends in Europe and rising uncertainty as a consequence of the debt crisis, Germans feel that the national economy is continuing its upswing."

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Germany's economy grew by 0.5 percent in the first quarter.

The study comes a day after a survey of business confidence showed its largest drop since last August amid concerns over Europe's economy.