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Economy

French Consumer Confidence Implodes: INSEE

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By Douglas A. McIntyre Updated Published
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France’s stat operation INSEE reported that French consumer confidence cratered in June. The region’s second largest economy may not be in as much trouble as Italy or Spain, but its citizens believe otherwise, at least if the June data is taken at face value. And, if consumer confidence is any signal of future economic activity, France is in deepening trouble.

According to the agency:

In June 2013, households’ confidence about the economic situation slightly declined. The synthetic confidence index lost 1 point with respect to May, falling to a new lowest level.

That dropped the figure to 78 compared to 83 in March and June, and 79 last month.

The future will be tougher, based on the assessment of the country’s citizens:

In June, households’ opinion about the expected general economic situation in France slipped. The corresponding balance kept decreasing, as it had been doing since January (–2 points with respect to May), and reached a new historically lowest level. Furthermore, their opinion about past general economic situation decreased again (–2 points), thus reaching its lowest historical value of October 2008.

And:

In June, households were more numerous to forecast an increase in unemployment: the corresponding balance increased by 2 points with respect to May and reached its highest level since June 2009.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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