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Irish consumer sentiment drops to six-month low, survey shows
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DUBLIN (Reuters) – Irish consumer sentiment slumped to a six-month low in September, a survey showed on Friday, pointing to an increase in interest rates and higher
DUBLIN (Reuters) – Irish consumer sentiment slumped to a six-month low in September, a survey showed on Friday, pointing to an increase in interest rates and higher fuel costs as the likely reasons.
The Credit Union Consumer Sentiment index fell to 58.8 in September from 62.2 in August. The index stood at 77 in February 2022, before Russia’s invasion of Ukraine, and dropped to a 14-year low of 42.1 last September.
“The mood of Irish consumers darkened notably in September,” the Credit Union said in a statement. “It appears that a weaker trend is now becoming established.”
The survey showed an improvement in how consumers perceive the outlook for employment. But only one in 20 of consumers surveyed said they expected their personal finances to improve in the coming 12 months.
(Writing by Conor Humphries; Editing by Paul Simao)
Consumer sentiment is a measure of how optimistic or pessimistic consumers are regarding their expected financial situation and the overall economy. It influences spending and saving behaviors.
Interest rates are the cost of borrowing money, expressed as a percentage of the total loan amount. They can affect consumer spending, saving, and investment decisions.
The Credit Union Consumer Sentiment index is a statistical measure that reflects the overall mood of consumers regarding their financial situation and economic outlook.
Employment outlook refers to the expected future conditions of the job market, including job availability and employment growth, which can influence consumer confidence.
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