France: Consumer confidence rises to highest level in 18 months
June 26, 2012
In May, the consumer sentiment index published by the National Statistical Institute (INSEE) edged up to 90 points from the revised 89 points in April (previously reported: 88 points), thus reaching the highest level since November 2010. The reading defied market expectations, which had the index unchanged from the unrevised April figure. Despite the improvement, consumer confidence still remains below its long-term average of 100 points. Households were less downbeat about their own financial situation as well as the national outlook for the next 12 months. Accordingly, a smaller number of households forecasted an increase in unemployment than in April. That said, consumers' willingness to make major purchases was unchanged over the previous month.