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Consumer Confidence Edges Down Further, Inflation Concerns Ease

FRANCE DATA
MNI (London)

FRANCE JUL CONSUMER CONFIDENCE 80; JUN 82

  • French consumer confidence took another hit in July, edging down a further 2 points in the seventh consecutive month of decline to 80 in July.
  • This was the lowest reading since Spring 2013 and in line with expectations. The long-term average is 100.
  • Future financial situation outlooks fell again, as did the propensity to make major purchases and savings capacity.
  • Despite remaining very low, unemployment fears increased slightly again in July.
  • On a different note, inflation outlooks eased again in July. This is welcome news after the 0.7pp uptick to +6.5% y/y in the harmonised June print.
  • The July prelim inflation report is due on Friday, however price pressures are not yet anticipated to have peaked.

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FRANCE JUL CONSUMER CONFIDENCE 80; JUN 82

  • French consumer confidence took another hit in July, edging down a further 2 points in the seventh consecutive month of decline to 80 in July.
  • This was the lowest reading since Spring 2013 and in line with expectations. The long-term average is 100.
  • Future financial situation outlooks fell again, as did the propensity to make major purchases and savings capacity.
  • Despite remaining very low, unemployment fears increased slightly again in July.
  • On a different note, inflation outlooks eased again in July. This is welcome news after the 0.7pp uptick to +6.5% y/y in the harmonised June print.
  • The July prelim inflation report is due on Friday, however price pressures are not yet anticipated to have peaked.