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French Consumer Sentiment Falls In September

September 26, 2012 RTTnews
French consumer confidence dropped slightly in September weighed down by households' weak assessment about future economic situation as well as labor market conditions.

The consumer confidence index fell to 85 in September from 86 in August, and 87 in July, survey data from the statistical office Insee showed Wednesday. The index was forecast to remain steady at 86.

The statistical office does not conduct survey in August. The estimate for August comes from the interpolation of data from July and September.

Assessment of past and future financial situation fell by a point each to -29 and -21, respectively. Likewise, major purchases intention for the coming year slipped to -29 from -28.

Meanwhile, the indicator for saving intentions rose to 30 from 27. The current saving capacity rose to 18 from 15, while expected saving capacity remained unchanged at -5.

The reading on the general economic situation over the last year came in at -77, compared to -73 in August. At the same time, the measure for future economic situation dropped to -56 from -51.

The indicator for unemployment for next 12 months climbed to 73 from 69 in August. Households perceived an increase in inflation.

Data released on Tuesday showed that business sentiment remained unchanged at 90 in September. General production expectations weakened sharply, while own production outlook improved by 1 point.

Yesterday, rating agency Standard & Poor's cut Eurozone's economic forecasts for this year to 0.8 percent, saying the 17-nation economy is entering a new period of recession. The agency expects 'very weak growth' in France next year.

The French economy logged no growth for the third time in the second quarter, avoiding a recession. Nonetheless, the Bank of France forecasts 0.1 percent economic contraction in the third quarter.
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