German consumer confidence is expected to dip slightly in August, a survey said Thursday, as shoppers warily eye an unfolding trade war between the European Union and the United States. Market research firm GfK said its forward-looking poll of around 2,000 people slipped to 10.6, or 0.1 points lower than in July.
"German consumers are becoming more and more convinced that international crises will slow German growth," the pollsters said in a statement. "Especially the escalating trade conflict with the US could impact export-nation Germany." But even as consumers fret over the economic outlook, they remain optimistic about their own income prospects and spending plans thanks to a solid labour market and low interest rates.