Overview

• The GfK/NIM consumer climate index for September dropped 1.9 points to -23.6, marking a third consecutive decline.
• Income expectations plunged by 11.1 points to 4.1, the lowest level since March 2025 after five months of gains.
• Survey researchers cite heightened fear of job loss as the main reason households are holding back on major purchases, with renewed price concerns—especially for energy—adding pressure.
• The Ifo employment barometer slipped to 93.8 in August, indicating renewed job cuts, according to Ifo’s Klaus Wohlrabe.
• Registered unemployment was just below three million in July, and experts anticipate the upcoming agency release could top that mark, even as the IAB job market barometer improved to 100.7.