‘Economic apocalypse’ fears easing

THE fears of an “economic apocalypse” that became widespread late last year are slowly fading, according to the latest consumer figures.

The KBC/ESRI consumer sentiment index rose to 59.4 from 57.9 in April, largely reversing the decline seen a month ago. This compares to 65.3 in May last year.

KBC chief economist Austin Hughes said the May results are encouraging and suggest the underlying trend in consumer sentiment is improving despite current readings indicating that confidence is limited and spending is likely to be restrained.