French consumer confidence falls to lowest ever level

(Source: INSEE)

French consumer confidence has dropped from 83 (revised from 84) to 79 in May according to data from INSEE. Economists had anticipated a rise to 85.

In May 2013, households’ confidence about the economic situation strongly declined. The synthetic confidence index lost 4 points, falling to its lowest level previously reached in July 2008.

Our economics reporter Michael Bird:

Unemployment expectations also deteriorated, with forecasts showing an increase to their highest level since July 2009.

(Source: INSEE)