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Mix-Ansicht- Verbrauchervertrauen in Frankreich sinkt - Popeye, 03.03.2002, 19:54
Verbrauchervertrauen in Frankreich sinkt
NEWS > International
French confidence falters
March 1, 2002: 6:21 a.m. ET
Consumer confidence falls on
concerns over high unemployment,
price rises
PARIS (CNN) - French consumer
confidence in the euro zone's second
largest economy fell in February to the
lowest level in five months as retail prices
rose and unemployment remained high.
The French statistics offices INSEE said
on Friday its consumer confidence index
was minus 15 last months, down from
minus 12 in January. A Reuters poll of
economists had expected the index to be
minus 11.7 in February.
Last month's confidence level was the
lowest since the September 11 attacks in the U.S., and marks
the first decline after three months of relative stability.
A survey of households by INSEE found that people were
increasingly concerned about job prospects, even though the
unemployment rate remained steady at 9 percent in January
after rising in previous months.
There was also concern over higher costs for consumers, as
some retailers took advantage of the introduction of euro
notes and coins to hike prices on various items.
Economists said the sharp drop in consumer confidence was
proof that the once strong French economy -- powered
largely by household spending -- was finally feeling the full
impact of the global economic slump, which caused the
growth domestic product to contract in the fourth quarter of
2001.
"Over the last months, the fall in job prospects had not
weighed too heavily on household behaviour in terms of
spending and saving. Now a correlation is being established,"
Christian Parisot, an economist at Aurel Leven, told Reuters.
"The rise in unemployment over eight months is reaching
consumers who think it less wise to make big acquisitions and
prefer to put the money aside."
But many economists are optimistic that confidence will
stablise in the coming months as the global slowdown begins
to ease.
"The fall should not continue and by the second quarter
consumer confidence should benefit from an economic
improvement worldwide," Olivier Eluere, an economist at
Credit Lyonnais, told Reuters.
High unemployment and rising prices will be among issues
facing the European Central Bank and the Bank of England.
Both banks meet next week to decide in on interest rates.
The ECB has left its key rate at 3.25 percent, after cutting it
four times in 2001, while the BoE has held its benchmark at 4
percent, its lowest level in 37 years, after reducing the rate
seven times last year
Quelle: CNNmoney
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