France: Consumer confidence jumps to ten-year high in June
June 28, 2017
The consumer confidence indicator produced by the National Institute of Statistics and Economic Studies (INSEE) jumped from a revised 103 points reading in May (previously reported: 102 points) to 108 in June. The indicator crossed its long-term average of 100 in January for the first time since September 2007 and reached the highest point since June of the same year.
In its statement, INSEE pointed out that June’s surge reflected an almost broad-based increase in all components of the index with some components reaching multi-year highs. For instance, personal financial situation improved notably and reached an almost ten-year high in the surveyed month. Consumers also said to be more inclined to purchase major ticket items and the indicator moved further above its long-term average. The country’s economic prospect was also perceived in a more positive light. Standard of living in France rose to an over ten-year high and fears of unemployment declined substantially.