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Financial News: French Consumer Confidence Highest Since Aug 2007; Spendin

French Consumer Confidence Highest Since Aug 2007; Spending Recovers

05/30/2017 - 03:49:00 (RTTNews)

(RTTNews) - French consumer confidence strengthened in May to the highest level in nearly ten years, while consumer spending rose for the first time in three months in April, figures from the statistical office Insee showed Tuesday.

The consumer confidence index climbed to 102.0 in May from 100.0 in April.

Moreover, the latest reading remained above its long-term average and at its highest level since August 2007, when it was 104.0.

Households' opinion of their personal financial situation in the past twelve months improved slightly in May, with the index rising to -19 from -20 in April. Their outlook also rose to -5 from -9.

Similarly, the current saving capacity indicator increased to 14 in May from 13 in April, while the expected saving capacity remained stable at -2.

In a separate report, the statistical office revealed that consumer spending climbed 0.5 percent month-over-month in April, reversing a 0.1 percent drop in March.

In April, energy consumption recovered by 3.1 percent after declining in the previous two months. Consumption of food products grew at a faster rate of 0.9 percent after a 0.1 percent rise in March.

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