Irish consumer confidence at lowest level in six months

Consumer confidence in Ireland is at its lowest level since last August, according to IIB Bank and the ESRI.

The consumer sentiment index compiled by the two organisations has fallen from 93.2% to 84.9% in the past month, mainly due to growing concerns about employment.

Three-in-five Irish consumers expect unemployment to rise in the coming 12 months, the most pessimistic outlook since early 2004.

The IIB and the ESRI say the views of consumers are entirely rational considering the number of job losses announced in recent months.

However, they say the figures do not automatically translate into a poorer outlook for the economy.