German consumer confidence is set to remain unchanged in September, survey data from market research group GfK showed Wednesday.

The forward-looking consumer sentiment index held steady at 9.7 in September. Economists had forecast the indicator to drop to 9.6.

The survey showed that propensity to buy improved in August and income expectations dropped slightly. Meanwhile, economic outlook suffered a considerable decline on global downturn, trade wars and Brexit uncertainty.

The economic expectations index fell 8.3 points to -12 in August, the lowest in more than six and a half years.

The income expectations indicator dropped by 0.7 points to 50.1 indicating high degree of stability. Income expectations largely depend on labor market conditions.

At the same time, the propensity to buy recovered in August. The indicator rose by 2.5 points to 48.8 points.

Gfk cautioned that increasing fear of job losses in particular could pose a risk for consumer sentiment.

The material has been provided by InstaForex Company –