German consumer confidence stabilizes

June 23, 2010 7:43:52 AM PDT
BERLIN (AP) - A new survey shows German consumer confidence is stabilizing but that people are worried about the impact that government savings measures will have on their personal finances.

Germany's GfK institute said Wednesday its forward-looking overall indicator for July stands at 3.5 points, unchanged from June when it slipped from 3.7 in May.

The Nuremberg agency says as Germany's economic recovery moves ahead, positive reports from the labor market are causing consumers to take a somewhat more optimistic view of the future.

But GfK also cautions that discussions about increasing financial strain as a result of Germany's upcoming austerity package is increasingly unsettling consumers.

Germany has announced it plans to trim euro80 billion through 2014.