Germany’s GfK Consumer Climate Indicator fell to -23.6 heading into September 2025 from a marginally revised -21.7 in the previous period, missing market forecasts of -22.0 and marking the weakest print since April. The income outlook dropped sharply (4.1 vs 15.2 in August), ending five months of gains and hitting its lowest level since March amid rising fears of job losses, uncertainty over inflation, and the impact of U.S. trade policy. Economic expectations also slumped (2.7 vs 10.1), the second monthly decline and a six-month low, reflecting fading hopes for a recovery this year. The willingness to buy deteriorated for the third month (-10.1 vs -9.2), the lowest since February, while the propensity to save edged down (15.8 vs 16.4), offering little support. “With the third consecutive decline, consumer sentiment is now definitely in the summer slump,” said Rolf B