French Consumer Confidence Takes a Fresh Hit

French consumer confidence declined in July, denting hopes that the country’s economy would bounce back rapidly from the coronavirus crisis, the Financial Times reported. After an initial rebound in June, the French statistics agency’s consumer sentiment index fell by two points to 94 in July, below the average of 99 forecast by economists in a poll by Reuters. A score below 100 indicates that consumer confidence is lower than its long-term average, whereas a score above that mark suggests that sentiment is above average. French households felt their personal financial situation was deteriorating and did not believe now was a suitable time to make big purchases, the national statistics agency Insee said. The share of French households who thought it was better to save than to spend increased for the third consecutive month. Read more