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French Consumer Confidence Eases In July

French consumer confidence weakened slightly in July after a sharp increase in the previous month, preliminary data from the statistical office INSEE showed Wednesday.

The consumer confidence index fell to 101 from a revised 103 in June. Economists had expected the reading to remain steady at June’s initial score of 102. In May, the index was at 98. The indicator still remains above its long-term average of 100.

Households’ expectations regarding their financial situation in the next 12 months weakened and they were less optimistic regarding future saving capacity. Saving intentions for the next 12 months eased. Consumers were also less inclined to make big purchases in July, after a sharp increase in the sentiment in the previous month.

Expectations regarding the standard of living in the next 12 months weakened sharply and households were more pessimistic. Fears about unemployment in the next 12 months increased slightly in July.

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