German consumer confidence heads higher

BERLIN (AP) ? A survey has found that German consumer confidence is continuing to rise on the back of a strong labor market and the prospect of more robust economic growth.

The GfK research institute said Tuesday that its forward-looking consumer climate index rose to 7 points for August from 6.8 in July. That's the highest level since September 2007.

GfK said "the continued stability of employment prospects and a moderate rate of inflation caused optimism to rise."

Recent economic data have bolstered expectations that the German economy, Europe's biggest, is on track to rebound from a lackluster performance over the winter.

Germany's unemployment rate was 6.6 percent in June, which contrasts sharply with other countries that use the euro, such as Greece and Spain, where the jobless rate is over 25 percent.

Source: http://news.yahoo.com/german-consumer-confidence-heads-higher-071341691.html

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