Confidence of French consumers concerning the economy and financial situation lost momentum in October, with the monthly sentiment indicator standing at 100, the national statistics bureau Insee said on Friday.
October’s business indicator fell by one percentage point from September figures. However, it is “back to …its long term average”, according to the bureau’s monthly economic report.
Households’ sentiment on their future personal financial situation declined for the fourth consecutive month at minus 15 from September, said the report.
As for their expectations for the economy in the coming months, they were less optimistic, with the appreciation indicator losing one percentage point to minus 23, Insee figures showed.
In October, less households thought it appropriate to save, with this indicator tumbling by eight percentage points. Meanwhile, their concerns over a rise in jobless claims were almost stable from a month earlier.
The French government vowed to accelerate the country’s economic growth by 1.7 percent and to trim the budget gap to 2.6 percent in 2018 compared to 2.9 percent expected for this year, by squeezing public expenditure and breathing life into the sluggish competitiveness of domestic companies.