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French consumer confidence at an all-time low

The French statistics agency Insee says that French consumer confidence has plummeted to levels not seen since 2008.
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Written by Charlie Osborne, Contributing Writer on

The French statistics agency Insee says that French consumer confidence has plummeted to levels not seen since 2008.

A new survey revealed that consumer confidence fell in May by four points to 79, whereas the average score is usually 100 -- demonstrating dissatisfaction not only with businesses, but France's current economy and future financial prospects. Two weeks ago, France officially fell in to the second economic recession in four years.

The consumer satisfaction survey also shows that French citizens believe the rate of unemployment in the country will continue to rise beyond France's current rate of 11 percent.

Measures were put in place last month to try and prevent unemployment from rising. New labor laws allow workers to more easily change jobs -- but just as easily lose them, as employers have been given new powers to let staff go.

The Eurozone economy fell by 0.2 percentage points in the January to March period. Nine countries are currently in the midst of a recession.

Read More: BBC

Image credit: Flickr

This post was originally published on Smartplanet.com

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