France: Consumer confidence improves in November
November 25, 2011
In November, the index of consumer sentiment published by the National Statistical Institute (INSEE) improved to minus 32 points, up from minus 34 points registered in October. The unexpected rise contrasted market expectations, which anticipated sentiment to stall at minus 34 points. Despite the improvement, consumer confidence remains well below its long-term average level of minus 19 points. In November, households' perceptions of their past and future financial situation improved, although both indicators remain below their long-term average. That said, the general economic situation sub-index regarding the next 12 months decreased slightly for the first time since June. Meanwhile the sub-index regarding households' opinion on the timing of future major purchases remains stable for the second month in a row. Consensus Forecast panellists expect private consumption to grow 1.-% this year before accelerating moderately to 1.-% in 2011.