A survey has shown that Irish consumers remain gloomy about the outlook for the Irish economy and their personal finances.
The consumer sentiment index, compiled by KBC Bank and the ESRI, fell only marginally, however, to 55.8 from 55.9 in July, when the mood was affected by another increase in ECB interest rates.
Three of the five main elements of the survey recorded improvements compared with last month, with consumers' view of their household finances helped by indications that further ECB rate rises are off the agenda.
Consumers' assessment of the outlook for jobs also improved marginally, though the number expecting unemployment to fall in the next year are outnumbered four to one by those expecting it to rise further.
People's view of the outlook for the Irish economy weakened, however, while there was also a deterioration in the spending part of the survey. Spending intentions were at their lowest levels in two and a half years in August.
KBC economist Austin Hughes says that, overall, confidence remains lacking among Irish consumers, and their assessment of the outlook for the economy and their personal finances remains gloomy.
But he notes that the Irish consumer sentiment figure in August did not show the sharp drops seen in similar measures in the US and euro zone.
