French Oct. Consumer Spending Rises More Than Expected
11/24/2009 3:12 AM ET
(RTTNews) -
Tuesday, the French statistical office INSEE announced that the consumer spending on manufactured goods increased 1.1% month-on-month in October, slower than the 2.4% growth in the previous month, revised from 2.3% increase reported initially. Economists expected an increase of 0.4%. A year ago, consumer spending was down 1.3%.
In October, consumer spending on durable goods rose 1.3% on a monthly basis, after a 5.1% increase in the previous month. Spending on textile grew 2.6%, slowing form 2.9% increase in September.
At the same time, consumer spending on other manufactured goods climbed 0.3% versus 0.4% growth in September.
On an annual basis, consumer spending climbed 3.5% in October, faster than the 1.1% growth in September, revised from 1% increase estimated initially. Economists were looking for an increase of 2.3%.
by RTT Staff Writer
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