Irish Consumer Sentiment Falls

13 June 2012 14:30 - Florence Fullalove

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Irish Consumer Sentiment Falls

According to KBC Bank Ireland/ESRI, Consumer Sentiment Index fell to 61.0 in May from 62.5 in April as the uncertainty surrounding the conditions in Europe and the fiscal treaty referendum weighed on consumers. The 3 month average rose to 61.4. The weakened sentiment was likely a result of domestic influences, the survey said, with European consumer confidence rising marginally during the month. The sharpest drop was observed regarding the general economic outlook, with increased worries over the deteriorating situation in the Eurozone blamed for the fall.

KCB chief economist Austin Hughes said, “We don’t think the May reading signals a dramatic shift in thinking among Irish consumers. Instead, it emphasises the fragile and patchy nature of what is a fairly tentative turnaround in consumer sentiment and in the broader Irish economy.” He added, “The 1.5-point drop in the index between April and May has to be seen in the context of the 3.3-point average monthly gain seen thus far in 2012. So, last month’s decline was relatively modest.”

The survey did highlight some bright spots, noting the jobs section was particularly encouraging, lifted by recent employment announcements. The KCB said, “While Irish consumers remain cautious about the employment situation, the increasing frequency of new jobs announcements of late and signs of a stabilisation in the Live Register seem to have prompted a less negative assessment of the outlook for jobs.”

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Related Links:
• KBC Bank Ireland / ESRI
Consumer Sentiment Survey
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