--French May consumer spending -0.5% on month, +1.9% on year
--French Apr consumer spending revised up at -0.5% on mo
--French May consumer spending lower than analyst forecasts
Paris, June 21 (BridgeNews) - French consumer spending on manufactured goods weakened for a second straight month in May, falling a greater-than-expected 0.5% after a 0.5% drop in April, national statistics institute INSEE said. Consumption was down across the board, with steep declines posted for durable goods and for items like pharmaceutical and retail goods.
April spending was revised up, originally reported down 0.8% on month. On a year-over-year basis, May consumption rose 1.9% (see table below). Excluding automobiles, spare parts and medical products, spending fell 0.5% on month, but was up 1.8% on year.
Analysts broadly expected French consumers to pick up the pace of spending in May after April's sharp cooling. However, consumer confidence has been shaken in the last several months by multiplying signs that the French economy is cooling, a trend that some economists said may curb household purchases over the near-term.
The following table shows the shows percentage changes in the major categories of INSEE's May consumer consumption report. Figures are seasonally- and calendar-adjusted.