Index dip ominous news for economy

CONSUMER sentiment fell in August for the third month in a row raising fears about a further loss of momentum in the Irish economy.

This further dip in the index is its lowest point ever. Prior to August the last low point was in October when the index fell to 76.3. This latest sharp fall in consumer confidence is contained in the IIB Bank/ESRI Consumer Sentiment index.

IIB’s chief economist Austin Hughes, said the index was ominous for the economy. It shows the bad new on job losses in Ireland and the increasing concern about the national finances is having a direct impact.