German consumer climate falls for 3rd consecutive month in Nov.

German consumer climate declined for the third consecutive month with the overall indicator at 9.4 points for November, following a value of 9.6 points in October, market research group GfK reported Wednesday.

According to GfK, income expectations of German consumers remains unchanged from previous month, while economic expectations and the willingness to buy have both suffered losses for the fifth time in a row.

"Although this is the third consecutive drop in the consumer climate and the lowest level since February, the indicator is still very satisfactory," said Rolf Buerkl, an analyst for the Nuremberg-based research group.

Buerkl said that the excellent development of the retail sector is currently an important pillar of the consumer climate.

Meanwhile, GfK's report also noted that future consumer sentiment will predominantly depend on whether the uncertainties currently surrounding the progression of the labor market continue to intensify, and that concerns about unemployment are reducing the certainty, affecting consumers' plan for the future.

The GfK consumer climate survey has been conducted since 1980. Its findings are based on around 2,000 consumer interviews conducted each month on behalf of the European Commission, the executive body of the European Union. Endit