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