French consumer spending falls unexpectedly
Consumer spending fell 0.2% in July from June. The weakness in consumer spending at the start of the third-quarter indicates the French economy lacks the momentum for a strong rebound after zero growth in the second quarter.
The data showed a 1.2% decline in spending on manufactured goods in July. Within the manufactured goods segment, spending on autos dropped 1.9% and home furnishings was down 3.1%. ■