Nov 27, 8:18 AM EST

Survey shows German consumers losing confidence

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Survey shows German consumers losing confidence

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BERLIN (AP) -- A closely-watched survey shows German consumers are losing confidence amid growing concerns of an economic slump.

The GfK research group said Friday its forward-looking consumer climate index dropped for the fourth month in a row to 9.3 points in December, from 9.4 in November.

GfK says consumers' willingness to buy rose, but that was offset by drops in both their income and economic expectations, partially linked to the growing number of asylum seekers pouring into the country.

Germany is set to receive more than 1 million refugees and other migrants this year and some 40 percent of consumers surveyed told GfK they believed unemployment would soon rise, most of them saying the newcomers would hurt the labor market.

GfK's monthly survey is based on some 2,000 consumer interviews.

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