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French consumer morale the highest in five years

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French consumer morale the highest in five years
Consumer confidence is on the rise in France. Photo: AFP
17:21 CEST+02:00
France may be depicted as all doom and gloom but the French are at a five-year high when it comes to consumer confidence, the country's statistics agency said on Tuesday, showing that households feel more optimistic about the country's economy.
The INSEE national statistics office noted on Tuesday that French consumer confidence this month was the highest it has been since January, 2010.
 
The consumer confidence index- which measures the view taken by households of the economic situation - gained one point and reached 94 this month, up from 93 in March.
 
The indicator, which is particularly closely watched in France because household consumption is a key driver of growth in the economy, remained well below of its long-term average of 100 points. 
 
The new figures show that French households feel more optimistic about their current and future saving capacities, with satisfaction about personal finances also on the rise.
 
There was also a 2-point increase in the number of households which considered it to be appropriate to make major purchases, marking a 16-point gain since September 2014, and leaving it as the highest level since October 2007.
 
The positive news will no doubt by welcomed by France's President Francois Hollande, who revealed on Monday that the country's unemployment level had climbed again, and is now sitting at 3.51 million, up 0.4 percent from February.
 
Indeed, French households are well aware of the unemployment problems, with the INSEE report noting a 15-point hike in the number of households fearing joblessness levels will rise, following a drop of 13 points last month.
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