0.8% decline in consumer spending in May
Household consumption of goods decreased by 0.8% in May, its third consecutive month of decline, after a revised 1.4% decline in April, show statistics released Thursday by INSEE.
Eighteen economists surveyed by Reuters on average expected a 0.9% increase in consumption after the 1.8% decline initially announced in April.Their estimates ranged from -1.0% to 1.6%.
Spending on durable goods, which dropped by 6.4% in April, fell 0.6% more last month, due to a less pronounced decline in purchases of motor vehicles (-1.8% after – 10.3%).
Purchases of textiles and leather, they have decreased by 4.4% in May after rising 1.6% in April.
Consumer spending in other manufactured goods were down 1.3% in May after rising 0.3% in April.
As for food purchases, they stand down 1.7% from 1.4% the previous month.
At the same time the energy consumption rebounded in May (3.4% after -3.4%)."After a particularly mild weather in April, limited heating costs, household consumption and found a normal level in May," INSEE said in a statement.