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Financial News: French Consumer Spending Falls In October

French Consumer Spending Falls In October

11/29/2017 - 03:19:00 (RTTNews)

(RTTNews) - French consumer spending declined notably in October, after rebounding in the previous month, figures from the statistical office INSEE showed Wednesday.

Consumer spending dropped 1.9 percent month-over-month in October, reversing a 1.0 percent rise in September.

The decline in October was mainly due to energy and manufactured goods.

Energy consumption decreased sharply by 6.1 percent from September, when it grew by 3.3 percent.

Purchases of manufactured goods fell back by 1.7 percent in October, following three months of rises.

Food purchases contracted 0.3 percent after a sharp rebound of 0.8 percent in September.

On a yearly basis, consumer spending slid 0.6 percent in October, confounding economists' forecast for an increase of 1.4 percent.

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