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French consumer spending falls unexpectedly

Staff Writer |
French consumer spending dropped unexpectedly in July as households cut back on cars and home furnishing, statistics agency Insee said.

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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%.

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