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French consumer spending drops unexpectedly in May

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Staff writer ▼ | June 30, 2016
French consumer spending decreased unexpectedly in May, marking its second consecutive monthly fall, figures from the statistical office Insee showed.
French consumer spending
France   Consumption of durables fell sharply
Consumer spending dropped 0.7 percent month-over-month in May, following a 0.1 percent slight decline in April. Economists had expected a flat reading for the month.

In May, consumption of durables fell sharply by 3.6 percent after three months of sustained rise. Expenditure on energy slid 1.0 percent, reversing a 0.8 percent climb in April.

The rebound in food and textile-clothing consumption mitigated the overall decline, the agency said.

On an annual basis, consumer spending grew 2.2 percent in May, below economists' expectations for a 2.5 percent increase.