PARIS: Consumer confidence in France slipped for a third successive month in September, wiping out most of its post-election spike as new president Emmanuel Macron pushed through contentious labour market reforms. Insee’s official measure of household confidence fell from 103 to 101, in contrast to expectations that it would stay steady.
Household assessments of their past and future financial situation, saving capacity, standard of living and unemployment fears all deteriorated. Still, the main index is still well above the depths it plumbed over the last few years, as the chart illustrates. Business leaders have welcomed Mr Macron’s efforts to increase flexibility in France’s labour market, but the measures sparked protests from unions and opposition politicians. The sub-index measuring unemployment fears jumped sharply from 3 to 15 over the month, though it remained comfortably below its long-term average.
