French Consumer Confidence Highest Since 2007

(RTTNews) - France's consumer confidence unexpectedly strengthened in May to its highest level in more than fifteen years, as households were less pessimistic regarding their future financial situation and saving intentions for the next 12 months, figures from INSEE showed Friday.

The consumer confidence index rose to 98 from 94 in March and April. Economists had expected the measure to remain steady.

The latest increase was the first in three months and the score was the highest since October 2007. However, it remained below its long term average of 100.

Households' opinion regarding their past financial situation strengthened for a fourth straight month. Significant increase was witnessed in the share of households favoring big-ticket purchases in May.

Strong improvement was registered in consumers' view on the standard of living in France. Further, their fears of unemployment abated considerable in May with the relevant survey balance easing to its lowest level since June 2008.