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:
At the Presidential election, French consumer confidence was at 91pts, a 2yr high. Now at 79pts, 5yr low. Vive Hollande.— Mike Bird (@Birdyword) May 28, 2013
Unemployment expectations also deteriorated, with forecasts showing an increase to their highest level since July 2009.