There was a marginal drop in consumer confidence this month, according to the latest Credit Union Consumer Sentiment Index.

The overall measure edged downwards from a score of 46.1 in October to 45.3 in November.

However, it was well above the score of 42.1 registered in September, which marked a 14-year low in the index.

"This suggests Budget support measures are having some positive impact, as are less-strained-than-feared energy markets globally," Economist Austin Hughes, who previously compiled the Index for KBC Bank, said.

"It might also be inferred from the November reading that Irish consumers feel they have prepared themselves as far as possible for a difficult winter ahead," he added.

Gas prices have moderated considerably in recent weeks having hit record levels in the late summer on supply concerns after the Nord Stream pipeline was closed.

The EU has since built-up large stockpiles of liquefied natural gas (LNG) which it's expected will see consumers and businesses through this Winter.

The budget included measures to help consumers and businesses with their energy costs through to next Spring including three €200 credits towards household electricity bills.

"Budget support measures and comparatively favorable developments in the Irish economy combined with mild weather may have taken some of the immediate sting out of cost-of-living pressures," Mr Hughes explained.

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"However, rapidly increasing concerns about job losses in the tech sector and a related caution about spending plans have proven slightly more influential drivers of consumer thinking of late," he cautioned.

While there was a marked rise in concerns around the employment market, it was nowhere near as large as that seen during the financial crisis when there was a sharp and sustained fall in the numbers at work in the Irish economy.

It was also less pronounced than that seen in the immediate wake of Covid-related lockdowns two years ago.

"The degree of job worries now being signalled by the November consumer sentiment survey is much closer in scale to those seen in the wake of the dot-com collapse just over twenty years ago, when the jobless rate was similarly around 4%," Mr Hughes said.

"Cost-of-living and economic slowdown concerns have been weighing on the outlook for jobs through much of 2022. However, the broader health of the Irish jobs market in recent years, coupled with widespread reports of significant unfilled vacancies and skill shortages in tech-related areas, appears to be producing a more measured if still material immediate reaction to the spate of job losses seen during the November survey period," he added.

Mr Hughes pointed to a level of resilience in the Irish consumer sentiment environment which is emphasised by comparing it to the US, where a significant and unexpected drop in confidence this month.

"The general picture is one of cautious nervousness and uncertainty about a world where new threats seem to be emerging every day," Mr Hughes told Morning Ireland.

An encouraging element is that we're not seeing a complete freefall. There is still an element of positivity. Clearly, households are getting some benefit from budget related boosts to spending power," he explained.