France Oct consumer spending beats expectations driven by sharp rebound in energy consumption

France consumer spending during the month of October rose more-than-expected. Official data released by France Statistics agency INSEE showed on Tuesday that French consumer spending rose to a seasonally adjusted 0.9 percent from -0.4 percent in the preceding month (revised down from -0.2 percent). Data beat expectations for a rise of 0.4 percent.

Gains were largely driven by sharp rebound in energy consumption. Details of the report showed that spendings on energy and purchases of household durables and of clothing picked up markedly.

Energy consumption bounced back sharply to +3.6 percent after a −1.8 percent drop in the previous month. Purchases of household durables recovered after three consecutive month of decline, was up +2.5 percent after −0.4 percent fall in September.

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