French consumer confidence slips in May
French consumer confidence softened a touch in May as individuals reported fewer opportunities to save.
A gauge of consumer confidence slipped to a reading of 93 points from 94 for the month before, according to the country's national statistics office, INSEE, coming in below the consensus estimate for a reading of 95 - which would have marked the fourth consecutive month of gains for the index.
"The national standard of living is worsening, as households have perceived that the short period of price decline is now behind us," BNP Paribas's Dominique Barbet wrote in a research note e-mailed to clients.
That points to a change in the economy's growth pattern in the second quarter, as private investments and exports take over from household consumption.
A sub-index which tracks consumers’ perception of their currently ability to save dropped to a reading of 6 from 17 points for April. In parallel, a sub-index measuring their future ability to save fell to -5 from 4.
Consumers’ expectations for their future financial position were unchanged, with a related sub-index remaining at -13.