French household consumption declined for the first time in seven months in October, the statistical office Insee showed Friday.
Household consumption decreased 0.7 percent on a monthly basis in October, in contrast to a 0.1 percent rise seen in September. This was the first fall since March when it fall similarly by 0.7 percent.
Economists had forecast it to drop marginally by 0.1 percent in October.
The decline was primarily due to a 1.8 percent fall in purchases of durable goods. Car purchases declined sharply 3.4 percent. Consumption of engineered goods slid 1.1 percent, reversing a 0.8 percent rise.
Spending on other engineered goods increased for the third straight month. It grew 0.2 percent. Meanwhile, expenditure on textile, clothing and leather decreased again, down by 1 percent and energy consumption slid 1.1 percent.
The material has been provided by InstaForex Company – www.instaforex.com