France: Consumer confidence jumps to almost ten-year high in May
May 30, 2017
The consumer confidence indicator produced by the National Institute of Statistics and Economic Studies (INSEE) jumped from 100 points in April to 102, beating market expectations of a smaller increase to 101 points. The indicator crossed its long-term average of 100 in January for the first time since September 2007 and reached the highest point since August of the same year.
In its statement, INSEE pointed out that May’s print reflected an almost broad-based increase in all components of the index with some components reaching multi-year highs. For instance, consumers perceived standards of living in the country in a more positive light, with this component reaching an almost 10-year high, and their unemployment fears declined considerably, reaching the lowest level since June 2008. Their expectations of their future financial situation improved considerably in the same month while their views on their savings capacity remained virtually unchanged in the surveyed month.