Service sector growth slows for sixth month in a row – PMI
The rate of expansion in the country’s services sector slowed for the sixth month in a row in October with a survey today showing it at the second-weakest level of the current 32-month upturn. The AIB Global S&P Purchasing Managers’ Index (PMI) fell to 52.6 from 54.5 in September. The index has stayed above the […]
New electric car registrations slow down by 17% in October – SIMI
The latest figures from the Society of the Irish Motor Industry show that new car registrations for October were down 16.8% to 2,178 when compared when the figure of 2,617 the same time last year. But SIMI said that registrations year to date are up 15.6% to 120,495 from 104,204 the same time last year. […]
Two thirds of adults think Irish banks lack competition
Two thirds of adults in Ireland think the banking sector lacks competition, new research has found. While almost three quarters agree that the process of opening a new bank account is difficult. The survey, carried out among 1,000 adults in Ireland by Censuswide on behalf of fintech Wise, also found that just over half trust […]
New Central Bank campaign to help consumers avoid personal finance scams
The Central Bank has launched an information campaign to help consumers avoid personal finance scams. It said fraudsters are using increasingly sophisticated methods which calls for an increased level of awareness among the public. The scams take different forms including fake loan providers, ‘clones’ of well-known personal finance service providers like banks and fake investments […]
Manufacturing conditions continue to weaken amid fall in new orders
Business conditions in the manufacturing sector continued to weaken in October, new figures show. The latest Purchasing Managers Index from AIB reveals that activity weakened to the greatest extent in three months, driven by a fall in new orders and output. The index dropped to 48.2 from 49.6 in September, and 50.8 in August. Readings […]
Energy suppliers set to cut electricity, gas charges
A number of energy suppliers are set to cut charges for electricity and gas from today. Nearly two million customers will benefit from cuts in unit prices and standing charges. The reductions come ahead of the application of the first Government electricity credit in December. More than 1.1 million Electric Ireland customers will see the […]
Euro zone inflation, growth slow as ECB hikes weigh
Inflation in the euro zone hit a two-year low a month after its economy began contracting, data showed today, illustrating the dual impact of a steady diet of European Central Bank’s interest rate hikes. Euro zone consumer prices rose by just 2.9% in October, their slowest pace since July 2021, a Eurostat flash reading showed, […]
Consumer sentiment improves following Budget measures
Consumer sentiment has improved slightly this month, boosted by the measures announced in Budget 2024. The latest Credit Union Consumer Sentiment Index registered a pick up in the public’s mood, following weakness in recent months. The index stood at 60.4 in the month, compared to 58.8 in September. However that still leaves it below the […]
Where next for interest rates as ECB pauses?
It has certainly been a busy eighteen months for the Monetary Policy Committee of the European Central Bank. Having spent several years repeating pretty much the same script, meeting after meeting, about leaving rates unchanged at their historically low levels, the inflationary backdrop prompted a change in course last year. And it was a course […]
Inflation rate estimated to have slowed to 3.6% in October from 5% in September
There has been a significant slowing in the estimated annual rate of inflation in October. According to the latest “flash” estimate of inflation from the Central Statistics Office, the annual rate in October slowed to 3.6%. The last time the annual rate of inflation was lower than this was back in August 2021, just before […]
Mortgage drawdowns fall 22%, driven by switching slump
Mortgage drawdowns were down almost 22% between July and September when compared to the same period last year. New figures from Banking and Payments Federation Ireland show that just over 11,600 mortgages were drawn down during the three month period, valued at over €3.1 billion. The fall is drawdowns was driven by an 81% drop […]
New guidance on social media advertising for influencers issued by CCPC and ASAI
New guidance for Irish influencers on how to clearly label ads on social media has been issued by the Competition and Consumer Protection Commission (CCPC) and the Advertising Standards Authority for Ireland (ASAI). The advice comes as consumer agencies across the EU, including the CCPC, begin a coordinated sweep of influencer accounts to assess their […]
ECB breaks record streak of rate hikes as economy weakens
The European Central Bank left interest rates unchanged as expected today, snapping an unprecedented streak of ten consecutive rate hikes, and maintained its guidance which signals steady policy ahead. The ECB has lifted rates by a combined 4.5 percentage points since July 2022 to combat runaway price growth but hinted last month that it would […]
ECB Governing Council expected to leave rates unchanged
The Governing Council of the European Central Bank (ECB) meets in Athens today where it’s widely expected to leave interest rates on hold for the first time since last summer. Recent economic indicators have shown the euro area is slowing down. The ECB has raised interest rates ten times since July of last year in […]
Job vacancies down 28% on last year
Job vacancies declined by 28% year-on-year and by 7% on a quarterly basis according to the latest Jobs Index from hiring platform IrishJobs. The data is for the third quarter of this year and shows that the IT sector experienced decreases in vacancies of 42% compared to last year and were down by 12% on […]
Housing completions up 14% in third quarter – CSO
There was an increase of 8,452 in new dwelling completions in the third quarter of this year, according to the latest figures from the Central Statistics Office. This marked an increase of just over 14% on the same period in 2022. Apartments, at 3,373, made up 40% of all new units. This was a 47.3% […]
Calls for more modular housing to address shortages
Modular housing units need to be constructed in higher volumes in order to address the housing shortage crisis, according to the Director General of Engineers Ireland. Damien Owens argues that advantage should be taken of modern construction methods that can help to alleviate pressure on the housing market while improving sustainability in construction. He added […]
Four in five firms plan pay increases next year with average of 3.8%
Around four in five businesses are planning on increasing pay for employees in 2024, with an average pay rise of 3.8%. This is according to the latest Pay and HR Update, an annual survey of around 400 firms conducted by business group, Ibec. The figure is in line with the 84% of companies that increased […]