German consumer confidence rises on wage hopes

Image caption,
The Ifo business confidence index also rose in February

German consumer confidence is rising as workers expect wages to increase in 2011, according to a survey by market research group GfK.

GfK said its forward-looking index for March had risen to 6.0 from a revised 5.8 in February.

The group also said that falling unemployment was giving consumers a greater feeling of security.

The data comes after a survey on Monday showed an increase in business confidence.

The Ifo Institute index rose to 111.2 points in February, from 110.3 points in January, its ninth consecutive month-on-month rise.

"Domestic economic activity and especially consumption play an increasingly important role and have become a second, stable pillar for the economy as a whole," GfK said in a statement.

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