Denmark: Consumer confidence drops in August
August 23, 2017
Following the jump in the previous month, the consumer confidence index released by Statistics Denmark came in at 7.6 points in August, which is significantly below the prior month’s 10.5points. Despite the deterioration in consumer confidence, August’s reading is still the second highest so far this year.
The result was largely driven by households’ less optimistic view of their financial situation in the last year and over the next 12 months, as well as the general economic situation of the country in the last year and over the next 12 months. In addition, consumers’ willingness to make major purchases declined compared to the prior month. However, as a result of a strong labor market, consumers’ views regarding unemployment improved.
Author: Jan Lammersen, Economist