French consumer confidence unexpectedly improved in March to its highest level in three months as households' expectations regarding their financial situation outlook strengthened and the saving intentions hit a record high.
The consumer confidence index climbed to 94 from 91 in February, survey data from INSEE showed Tuesday. Economists had expected the index reading to remain unchanged.
The latest score was the highest since December's 95, but remained below the long-term average of 100.
The measure reflecting households' opinion on their future financial situation rose four points to -4, which was above its long-term average.
The index mirroring their assessment of the past financial situation gained one point and remained above its average.
Households were less pessimistic on making big purchases and the relevant measure climbed to -15 to -17.
The index for savings intentions for next 12 months rose sharply to a record high 42 from 39. While the index measuring the current saving capacity was unchanged at 25, the gauge for future saving capacity decreased to 9 from 11.
A sharp improvement was witnessed in the households expectations on the standard of living in future and the measure jumped sixteen points.
Unemployment fears decreased, but the relevant index reading remained high and above average. Households' inflation expectations increased.
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