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Financial News: French Consumer Confidence Improves Unexpectedly

French Consumer Confidence Improves Unexpectedly

08/26/2022 - 05:49:00 (RTTNews)

(RTTNews) - French consumer confidence improved unexpectedly in August, after weakening in the previous seven months, monthly survey results from the statistical office Insee showed on Friday.

The consumer confidence index rose to 82.0 in August from 80.0 in July, which was the lowest reading since June 2013. Meanwhile, economists had forecast the index to fall slightly to 79.0.

Nonetheless, the sentiment remained below its long-term average of 100.

The index measuring households' financial situation in the next twelve months improved to -22 in August from -25 in July. However, their own past financial situation worsened, with the index falling to -33 from -32.

Consumers' views regarding future saving capacity also rebounded in August. The corresponding index rose to -1 from -3 in July.

The index measuring households' fears about the trend in unemployment fell to 8 in August from 11 in the previous month.

Households' assessment of their ability to make major purchases rose in August, as the respective index stood at-37 versus -39 in July.

The share of survey respondents who believe that prices will accelerate over the coming year continued to show its falling trend in August.

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