Irish Consumer Sentiment Index fell in July to the lowest since the survey began in 1996

The overallIIB Bank/ESRI Irish Consumer Sentiment Index continued to decline in July. The Consumer Sentiment Index was 39.6 in July 2008, down from 42.2 in June and at it’s lowest point since the survey began in 1996. Commenting on the results David Duffy, of the ESRI, said: “The decline in consumer sentiment has continued, although at a slower pace. The July reading of 39.6 compares with a reading of 74.7 in July 2007.“ “Both sub-indices recorded a decline, although there was a slightly larger decline in the forward looking index. The index of current economic conditions was down to 63.8 from 65.7 in the previous month. The forward-looking expectations index was lower at 23.3, down from 26.4 in June” “The main driver of the decline is consumers becoming more concerned about both their current and future household finances.... [read full story]