French Consumer Confidence Weakens Unexpectedly In May

(RTTNews) - French consumer confidence weakened unexpectedly in May, survey data from the statistical office INSEE showed on Friday.

The consumer confidence index fell to 88 in May from 91 in April. The score was expected to rise to 93.

Almost all balances contributed negatively to the household confidence. Assessment about past financial situation and expected financial situation deteriorated in May. The past financial situation index fell to -25 from -21 and the expected financial situation index dropped to -14 from -11.

The indices measuring current saving capacity and expected saving capacity slid one point each. Meanwhile, the saving intentions index remained unchanged at 35.

The proportion of households believing it is a good time to make major purchases decreased in May, with the indicator falling to -27 from -23.

Opinion about consumers' past standard of living and the future standard of living declined one point and five points each.

Households' fears about unemployment surged sharply in May. The corresponding index rose nine points to 61, which was the highest level since May 2015.

The proportion of households who considered that prices increased over the past twelve months rebounded. The associated balance of opinion gained eight points -4.

The proportion of households who think that prices will accelerate over the next twelve months fell slightly. The index lost one point to reach -38, moving away from its long-term average.