French industrial sentiment indicator gains points in July

13:38, July 23, 2010      

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France recorded improved industrial economic situation in July with the business climate indicator increased by two points, according to data released by the national statistics bureau Insee on Thursday.

The July industrial sentiment indicator stood at 98 points, now on its highest level since July 2008. The latest data showed business leaders'opinion on French industry as a whole increased slightly and stays yet above its long-term average.

Main French economic sectors, including industry, building industry and wholesale trade, recorded favorable sentiment index as business leaders' answers stressed more improvement, while services and retail trade operators said they were less optimistic.

Meanwhile, French household appreciation declined in July. The consumer confidence indicator for past financial situation lost 2 points to 65 points, yet for future financial situation, the figure remained flat, so do their willingness to do major purchases.

Unemployment weighed heavy on household confidence. As France' s unemployment jumped to 9.9 percent, households'fear of unemployment remained steadily high.

France is working hard to ameliorate the widening budget deficit and to boost growth. It targeted 1.4 percent growth rate for this year, and has pledged to narrow down deficit to gross domestic product ratio to 8 percent this year and further to 6 percent in 2011 by cutting public spending.



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