Wednesday, September 28, 2011

Not In The Mood

The August retail sales report from the CSO confirms what most of us knew already: the international uncertainty last scared Irish consumers so much they stayed at home and kept their purses and wallets shut. Another example of how the economy is driven by emotions.

I've updated a previous chart showing the trends for consumer confidence (using the ESRI/IIB index) and retail sales volume growth (excluding motor sales, seasonally adjusted). Or volume decline as it happens.

Ireland is not only the world's most open economy in terms of trade - we appear to be one of the most open in terms of sentiment as well...

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