Austria: Consumer confidence nosedives to lowest level in over three years
September 30, 2012
In September, the Fessel-GfK consumer confidence indicator fell to minus 14 points, marking the lowest level seen since June 2009. The reading came in below the minus 11 points recorded in August and dipped further below the 0-point threshold, which indicates that pessimists outnumber optimists. According to the survey, consumers continue to show pessimism regarding the current economic situation and economic prospects for the next 12 months. Moreover, respondents to the September survey showed more pessimism about their current financial situation as well as about their financial standing for the next 12 months. In addition, respondents to the survey also revealed a more pessimistic assessment about future job conditions.
Author: Ricardo Aceves, Senior Economist