French Consumer Spending Drops in June
July 29 2016 - 3:38AM
Dow Jones News
By William Horobin
PARIS--French consumer spending dropped unexpectedly in June and
further than initially expected in May as households cut back on
energy consumption, French statistics agency Insee reported
Friday.
Consumer spending in the eurozone's second largest economy
dropped 0.8% in June from May while economists polled by The Wall
Street Journal had expected households to maintain spending at the
same level. Insee also revised its reading for May consumer
spending to a 0.8% decline from 0.7% previously published.
The sharp contraction in consumer spending--usually the main
driver of the French economy--dragged economic growth down to zero
in the second quarter of the year, statistics showed earlier
Friday.
In June, consumer spending on energy dropped 6.3% on the month,
the sharpest decline in three years. Spending on manufactured goods
rose 0.3%, dragged down by a 1.2% decline on spending on
automobiles, Insee said.
-Write to William Horobin at william.horobin@wsj.com
(END) Dow Jones Newswires
July 29, 2016 03:23 ET (07:23 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.