French consumer sentiment climbs more than expected in June

A woman wears a protective facial masks as she walks by the Sephora store on the Champs Elysee avenue in Paris, France. EPA-EFE/IAN LANGSDON

Reading Time: < 1 minute

French consumer confidence rebounded more than expected in June although households’ fears about unemployment and the economic outlook remained high, a monthly survey showed.

The INSEE official statistics agency said its consumer sentiment index rose to 97 from 93 in May, beating an average forecast for 95 in a Reuters’ poll of economists’ expectations.

Consumer confidence fell sharply after the government put France under one of Europe’s strictest coronavirus lockdowns in mid March. It began easing restrictions on May 11.

INSEE said households’ concerns about the general economic situation over the next year had eased slightly after hitting their highest levels on record in April and May.

Households’ concerns about unemployment edged higher, rising to the highest level in seven years.

The government expects the euro zone’s second-biggest economy to contract by 11% this year, putting as many as 800,000 jobs at risk.

Via Reuters

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: