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French CCI at 2-Year Low

French CCI at 2-Year LowFrench CCI at 2-Year Low

French consumers felt at their least confident this month in nearly two years, the country’s official INSEE statistics agency said on Wednesday, citing concerns among consumers over inflation and personal finances, Reuters reported. The findings add to signs of slowing momentum in France, the eurozone’s second-biggest economy, after a general pick-up in the French economy following the election of President Emmanuel Macron last year. INSEE’s official measure of consumer confidence index for June came in at 97 points, down from 99 points in May, and below forecasts. That falls well short of analysts’ expectations of 100 and is the indicator’s lowest reading since August 2016. A Reuters poll of 19 economists had predicted 100 points for the June consumer confidence level. Earlier this month, INSEE forecast slower French economic growth for this year in the face of a stronger euro, higher oil prices and uncertainty about protectionism.

 

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