--French Feb consumer spending -0.9% on month, +1.7% on year
--French Jan consumer spending revised dn sharply at +2.2% on mo
--French Feb consumer spending below analyst forecasts

Paris, March 22 (BridgeNews) - French consumer spending on manufactured goods slid 0.9% in February, cooling from a downward-revised 2.2% rise the month before, national statistics institute INSEE said. The monthly decline, sparked by a falloff in purchases of clothing and leather goods and on manufactured products, was below forecasts of a 0.8% drop.
* * * On a year-over-year basis, February household spending rose a smaller-than-expected 1.7%, after a downward-revised 4.5% year-on-year gain in January (see table below).
Excluding automobiles, spare parts and medical products, spending fell 1.1% on month, but was up 1.2% on year.
Many analysts had expected consumption to decline as the effect of post-Christmas sales wore off. However, an expected slide in auto purchases was not realized, with auto buys rising 1.0% on month in February, and up 0.2% on year.
Consumer spending is expected to remain weighted down in the first quarter of 2001 by oil price gains. However, French consumer confidence remains at healthy levels, boosted by tax cuts and the steady pace of job creation, suggesting there will not be a spending falloff, analysts say. The following table shows the shows percentage changes in the major categories of INSEE's February consumer consumption report. Figures are seasonally- and calendar-adjusted.
Feb 2001/
Feb Jan Dec Feb 2000
Manufactured products -0.9 2.2r -0.2r 1.7
Ex autos, pharmaceuticals -1.1 2.0r -0.2r 1.2
Durable goods 0.3 3.4r -0.4 2.8
Autos 1.0 3.9 -1.0 0.2
Household consumer goods -0.3 3.0r -0.1r 5.2
Textiles -1.8 3.3r 0.0r -0.5
Other products -1.3 0.8r -0.3r 2.0