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French Consumer Spending unexpectedly fell in November

Wednesday, Dec 23 2015
In November 2015, household expenditure on goods declined again: it decreased by 1.1% in volume, its largest contraction since January 2014, after a slight fall in October (–0.2%). Analysts were forecasting 0.2% increase.This drop comes mainly from the slide in energy consumption (–5.6%) and from the sharp decline in spending on textile-clothing (–4.7%). 
 
In November, expenditure on energy fell back considerably (–5.6% after +2.2%); its largest decrease since June 2013. The average temperatures in November were particularly mild after being cooler in October, leading to a drop in heating expenditure. Thus, spending on gas and electricity diminished sharply. Consumption of refined products kept decreasing (–2.0%), in particular the one of butane/propane and domestic heating oil.
 
Euro is currently being traded around 1.0930 area. Pair is likely to find support around 1.0880 handle and resistance above 1.0950 level. Later today, in the US session, Durable Goods Orders and New Home Sales figures are scheduled for a release.
Last modified on Wednesday, 23 December 2015
More in this category: « UK Current Account deficit unchanged in Q3 Durable Goods Orders unchanged in November »

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