SEPTEMBER SETBACK FOR CONSTRUCTION INDEX - Figures for September show that the rate of decline in activity at Irish construction firms accelerated and was marked. Ulster Bank's Construction PMI showed the 40th month in a row of declines, and the fall in activity was steeper than than average monthly fall.
Activity in each of the three areas covered in the survey - civil engineering, commercial and housing - fell sharply.
Ulster Bank's economist Simon Barry said that, in September, there had been a reversal of the 'tentative' signs of a stabilisation in new orders. He said the lack of new business meant firms had no incentive to take on workers.
The economist said September was a difficult month for other sectors across the economy - such as manufacturing, services and consumers - due to bad news on the banks and public finances.
On the IMF meeting at the weekend, Mr Barry said the global economy needed to become more balanced, with rises in the exchange rates of big exporters such as China. He said the currency issue had moved centre-stage after being 'on the back burner' for some time. The economist said the dollar was likely to remain under pressure, as there was talk of further stimulus measures from the Federal Reserve.
On the currency markets, the euro is trading at $1.3972 and 87.62p sterling.
