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France Household Spending Grows Less Than Expected

France’s household spending rebounded in February, but the growth was less than expected, preliminary data from the statistical office INSEE showed Thursday. Household spending increased 0.8 percent month-on-month following a revised 2.0 percent fall in January. Economists had expected a 1.2 percent increase. INSEE said the latest increase was driven by the clear rebound in manufactured goods consumption that rose 2.2 percent monthly in February after a 2.9 percent slump in January.

The rebound in manufactured goods was primarily led the strong recovery in consumption in clothing and textiles.

Food consumption decreased at a slower pace of 0.2 percent versus 1.5 percent in the previous month. Energy consumption also fell at a slower pace of 0.3 percent compared to 1.2 percent in January. On a year-on-year basis, household consumption decreased 2.3 percent in February.

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