French Consumer Spending Drops in November

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The FINANCIAL — French consumer spending dropped sharply in November as households cut back in nearly all areas, from energy to clothing, following the Paris attacks, according to Nasdaq.

Consumer spending in the eurozone’s second-largest economy fell 1.1% in November from October, the largest drop recorded since January 2014, statistics agency Insee said on December 23. Still, after steadily increasing for most of 2015, spending was up 1% on the year.

The softening of consumer spending in November adds to concerns that the French economic recovery is lacking momentum.

French consumer spending on energy plunged 5.6% in November due to unseasonably warm weather, while spending on clothing dropped 4.7%.

Gross domestic product grew 0.3% in the third quarter after stagnating in the second.

 

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