According to the report from INSEE, consumer confidence declined again in May, while economists had expected a moderate improvement.
The consumer confidence index dropped to 86 points compared to 87 points in April (revised from 88 points). Consensus estimates suggested an increase to 89 points.
The data also showed that the index, reflecting the balance of household opinions regarding their past financial situation, fell by 2 points, and remained below its long-term average. Meanwhile, the index reflecting the balance of opinions on the future personal financial situation of households did not change in May. The index, which measures the proportion of households who believe that now is a good time to make large purchases, rose by 1 point, but remained well below its long-term average.
As for the situation on the labor market, the index reflecting household concerns about unemployment fell by 4 points. Meanwhile, the index, which estimates the share of households who believe that price growth has accelerated over the past 12 months, rose by 3 points, and reached its highest value since the summer of 2008. The index, which reflects the share of households who believe that prices will rise in the next twelve months, fell by 15 points after jumping by 54 points in March. However, the index remains well above its long-term average.