PARIS: French industrial morale dipped in June from the previous month, data from state statistics body INSEE showed on Thursday, although the overall business confidence reading for the country rose to a near six-year high. INSEE’s industrial confidence figure for June slipped down to 108 points from 109 points in May. A Reuters poll of economists had given an average forecast of 109 points for that figure.
However, INSEE’s French composite business confidence figure for June rose to 106 points from 105 points in May – marking its highest level since July 2011 – as confidence in the construction and retail industries increased. Earlier this month, INSEE had forecast that France was on course this year for its strongest economic growth since 2011 this year, as foreign trade proves less of a drag and the unemployment rate falls.
