Indeed economist says it is still job seekers’ market
The labour market remains a positive backdrop for job seekers with postings on job site, Indeed, 30% higher than before the pandemic. The rate of unemployment in July was 4.1% according to the CSO. Economists consider an unemployment rate of 4% cent or less as tantamount to full employment. Senior economist with Indeed, Jack Kennedy […]
Surge in car and home improvement loans in Q1 – BPFI
There has been a surge in car and home improvement loans in the first quarter of 2023 as personal lending hit €481m, according to the Banking and Payments Federation Ireland Personal Loan Report. Overall, the report shows a considerable jump in personal loans activity on the same time last year. The value of personal loan […]
Service growth remains robust, inflation pressures ease – PMI
Service sector growth remained robust in July amid a strengthening in business sentiment and a slight easing in still high input and output cost pressures, a survey showed today. The AIB S&P Global Purchasing Managers’ Index (PMI) for services was almost unchanged at 56.7 compared to 56.8 in June. The index has stayed above the […]
Exchequer tax take up 4.6% to €4.57bn in July
Almost €6.57 billion in tax was received by the Exchequer in July, up €303m (4.6%) on the same month of last year. Figures from the Department of Finance show Corporation Tax take continuing to surge, with €333m taken in the month. That is €101m – or 43.3% – more than in July 2022. Income tax […]
Unemployment rate falls to 4.1% in July from revised figure of 4.2% in June – CSO
New Central Statistics Office show that the seasonally adjusted unemployment rate for July eased to 4.1%, down from a revised rate of 4.2% recorded in June. The CSO said it had revised upwards the jobless rate for each month of 2023, meaning the rate did not hit a record low as previously estimated. Previous estimates […]
Irish economy on course for more moderate growth – Ibec
The Irish economy is nearing the peak of the current economic cycle and is on course to enter a period of more moderate growth, Ibec forecasts in its latest economic outlook. The business group points out that while the pipeline of investment and demand remains strong, the economy is on track to experience a natural […]
Manufacturing sector continues to contract, amid drop in new orders
Business conditions in the manufacturing sector continued to deteriorate in July, new figures show. The latest Purchasing Managers Index from AIB reveals the sharpest decline in new orders so far this year. The index dropped slightly to 47, from 47.3 in June and 47.5 in May. Readings above 50 indicate overall growth in activity. The […]
Euro zone factory July activity fell at fastest pace since onset of Covid – PMI
Manufacturing activity across the euro zone contracted in July at the fastest pace since Covid-19 was cementing its grip on the world as demand slumped despite factories cutting their prices sharply, a survey showed today. There was considerable weakness seen in Germany, Europe’s largest economy. France and Italy, the second and third-largest euro zone economies, […]
Ireland posts highest GDP growth in Q2 as euro zone returns to growth
Ireland recorded the highest increase in economic growth in the euro zone in the second quarter of this year, new figures from Eurostat show today. The country recorded GDP growth of 3.3% in the three months to the end of June, compared to the previous quarter. It was followed by Lithuania, which grew by 2.8%. […]
Euro zone inflation falls further in comforting sign for ECB
Consumer prices in the euro zone grew by 5.3% this month from 5.5% in June, extending a downtrend that started in the autumn. Excluding energy and unprocessed food, prices increased by 6.6% after a 6.8% rise a month earlier. While this is still a far cry from the ECB’s 2% target, the reading may help […]
Temporary Business Energy Support Scheme ends today
Today marks the last day of the Temporary Business Energy Support Scheme, which was designed to help businesses with their electricity or natural gas energy costs as they surged over the last year. The scheme had been due to expire at the end of February, but was first extended to May and further extended until […]
GDP rebound of 3.3% in second quarter may mean economy is out of recession
The Irish economy as measured by Gross Domestic Product (GDP) returned to growth in the second quarter of the year, new preliminary figures from the Central Statistics Office (CSO) show. GDP grew by an estimated 3.3% between April and June. That compares to a contraction of 2.8% in the first three months driven by a […]
Sharp slowdown in property investment market in first half – BNPPRE
The Irish commercial property market suffered the third sharpest slowdown in investment across 27 countries in Europe over the first half of 2023, according to BNP Paribas Real Estate Ireland, with the market described as being at a ‘near standstill’. The second three months of the year was the weakest quarter for investment property in […]
Inflation rate estimated to have slowed to 4.6% in July from 4.8% in June – CSO
Inflation in Ireland, as measured by the Harmonised Index of Consumer Prices, is estimated to have moderated to an annual rate of 4.6% in July from 4.8% in June, new figures from the Central Statistics Office show. Today’s CSO flash inflation figures show that energy prices are estimated to have increased by 0.2% in the […]
ECB raises interest rates again but keeps options open for September
The European Central Bank has today raised interest rates for the ninth consecutive time and said it was open-minded about further tightening as stubbornly high inflation and recession worries pull policymakers in opposing directions. Fighting off a historic surge in prices, the ECB has now lifted borrowing costs by a combined 425 basis points since […]
SMEs to maintain or increase sustainability investments
Over 90% of small and medium sized businesses in Ireland plan to maintain or increase their investment in sustainability practices over the next year. The SME sustainability sentiment survey conducted by Behaviour and Attitudes for Uisce Éireann reveals that 73% of companies plan to maintain their current level of investment, while 20% expect to increase […]
Census 2022 shows falling home ownership rates – CSO
New figures from the Central Statistics Office show that the number of homes owned without a mortgage or loan increased by 11% to nearly 680,000 while the number owned with a mortgage or loan fell by 1% in 2022. Compiled from data in Census 2022, today’s CSO figures also show that the housing stock increased […]
Further 0.25% increase in interest rates expected from ECB today
The European Central Bank (ECB) is expected to raise interest rates again at a meeting of its Governing Council in Frankfurt today. Markets are expecting a further 0.25% rise in rates, as efforts continue to bring inflation in the euro area under control. If rates do increase as expected today, it would be the ninth […]