French consumer gloom steadies: official data

27th November 2012, Comments 0 comments

French consumers showed less pessimism about their personal finances in November, after seven months of ever deeper gloom, official data showed on Tuesday.

An indicator of household confidence by the national statistics institute INSEE was steady during the month at 84 points.

The index is a leading indicator of consumption which is one of the main drivers of economic activity and growth in the French economy.

The view of households on their past financial situation fell by only one point and their opinion on their future prospects rose by one point.

And their attitude to making big purchases edged up one point.

However, these measures of confidence are far below the long-term average, the data from INSEE showed.

The French economy has been bumping along for about a year at just above zero growth, unemployment has been rising, and the government is introducing measures to raise taxes and contain expenditure as part of a drive to reduce its public deficit and debt.


© 2012 AFP

0 Comments To This Article