France: Consumer confidence inches down in November
November 27, 2013
In November, the consumer sentiment index published by the National Statistical Institute (INSEE) inched down to 84 points. The print fell just short of the 85 points registered in October and undershot market expectations of the index remaining at 85 points.
The contraction of the index came on the back of an across-the-board deterioration of consumers' expectations. In particular, consumers were more pessimistic about their ability to save and households' intentions to save in the next 12 months suffered a sharp deterioration, as did their perception of the general economic situation in the past 12 months and in the coming 12 months. Consumers' employment expectations also deteriorated.
FocusEconomics Consensus Forecast panelists expect private consumption to inch up to 0.3% this year, which is up 0.1 percentage points over last month's forecast. The panel expects private consumption to accelerate moderately to 0.7% in 2014, which is unchanged from last month's estimate.