13 Quotes by Emmanuel Ferry

should start to deteriorate ands reach a reach in September. Only a global economic improvement would allow a drop in unemployment in the long term.

Moreover, the four motors of consumption -- that is wages, inflation, unemployment and consumer confidence -- are on a downward trend and should drag spending down.

But we remain cautious because the car industry should weigh on spending while sales of household goods, which have shown steady growth, should see a correction in coming months,

There is a disconnect between the outlook for the French economy, which is a bit lower, and the perception of the global economy, which is up.

The rebound is very slow, gradual and uncertain. The survey shows a changing scenario in July, notably on the personal and general business outlooks which deteriorated significantly.

We were expecting a kind of balancing out between rising business sentiment and consumer confidence, which we thought would slip, but in fact we have improved on both fronts.

The broad picture looks better than expected but we have to watch figures very carefully. A downward correction driven by a relapse in consumer spending is very likely in the fourth quarter. That's why I remain cautious.

The weakness of activity in the fourth quarter is not at all a surprise for us. It confirms the fact that growth remains low in France.

This confirms my pessimistic scenario of a 0.9 percent growth for 2004 and consumer spending recovering only in 2005.