France: Consumer confidence drops in July
July 27, 2012
In July, the consumer sentiment index published by the National Statistical Institute (INSEE) fell to 87 points from the revised 89 points in June (previously reported: 90 points). The reading contrasted market expectations, which had the index remaining at June's originally reported 90 points. At the current level, consumer confidence remains below its long-term average of 100 points. Households were more downbeat about both their own financial situation and the national outlook for the next 12 months. In addition, a higher number of households forecasted an increase in unemployment than in June. Consequently, consumers willingness to make major purchases deteriorated notably over the previous month.