French consumer confidence holds steady in Sept as coronavirus resurges

INSEE's consumer confidence index held at 95, after a single point upwards revision for the month of August, beating the average forecast of 94 in a Reuters poll. Household confidence about personal finances edged higher, rising above the long-term average for the first time since February, when the coronavirus epidemic first began sweeping across France.

French consumer confidence held steady in September as improved sentiment among households about their long-term finances offset unemployment concerns, a survey from the INSEE statistics agency showed on Tuesday. INSEE's consumer confidence index held at 95, after a single point upwards revision for the month of August, beating the average forecast of 94 in a Reuters poll.

Household confidence about personal finances edged higher, rising above the long-term average for the first time since February, when the coronavirus epidemic first began sweeping across France. There was also a slight increase in those prepared to make big purchases. However, the number of people who said it was a good time to save jumped higher for a fifth straight month.

Household concerns about unemployment inched higher. France has avoided a major spike in permanent unemployment as companies put workers on state-subsidised furloughs en masse. The government wants to convince consumers to spend a 10 billion euro mountain of additional savings built up during the coronavirus crisis to help fuel a recovery after France's worst post-war recession in the first half of the year.