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Financial News: French Consumer Spending Recovers In November

French Consumer Spending Recovers In November

01/07/2022 - 07:34:00 (RTTNews)

(RTTNews) - French consumer spending increased in November after falling in the previous month, data released by the statistical office Insee showed on Friday.

Consumer spending grew 0.8 percent on a monthly basis in November, reversing a 0.6 percent drop in the prior month. The latest increase was bigger than the economists' forecast of +0.5 percent.

The monthly growth was driven by a 1.5 percent rise in consumption of manufactured goods. Consumption of food was up 0.3 percent and energy consumption grew 0.5 percent.

Purchases of durable goods rebounded sharply by 3.0 percent in November. This increase was mainly due to the strong recovery of housing equipment purchases, mainly furniture and computer purchases and to a lesser extent to an increase in new car sales, data showed.

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