September 28, 2022 06:48 GMT
FRANCE SEP CONSUMER CONFIDENCE 79 (FCST 80); AUG 82
- French consumer confidence fell a further three points in September, back to the July low, following a 2-point improvement in August which largely coincided with a brief deceleration in CPI. This follows the all-time confidence-low recorded in Germany.
- The cost-of-living increase of high inflation and negative economic growth outlooks took a further toll on consumers this month, reducing the propensity to buy which ultimately limits spending in upcoming months. After +0.2% q/q growth in Q2, a contractionary Q3 is a strong possibility.
- A notable sharp increase in unemployment fears was recorded, despite remaining low. Headline CPI is anticipated to see little relief in September, with a 0.1pp uptick to 6.0% y/y expected in Friday's flash.