French consumer spending rebounds back above pre-lockdown levels in June
Consumer spending rebounds after the massive plunge in April
The June reading showed a bounce of 9.0% m/m relative to May, with the year-on-year reading coming in at a growth of 1.3%.
Although Q2 as a whole still reflected a decline of 7.1%, consumer spending on goods during June jumped 2.3% above the level in February (pre-lockdown).
This may still be largely tied back to consumers compensating for pent-up demand but it is a positive takeaway nonetheless if spending activity is able to "normalise" quickly in the coming months as well. Just something to take note of.