French consumer confidence jumped to its highest in almost eight years as low oil prices increased disposable income.

The index of household sentiment rose 3 points to 97 in September from 94 in August, national statistics office Insee said in an emailed statement.

The last time the index was at that level was in October 2007 at the very start of the global financial crisis.

Even so, confidence remains below its long-term average of 100, underlining the lack of growth and persistent unemployment in the euro area’s second-largest economy.

“The view of households on their own financial situation, past and future, is improving,” Insee said.

More consumers “consider this a good time to make important purchases” and their “view on their ability to save is improving significantly.”

Bloomberg