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Financial News: Irish Consumer Sentiment Weakens In August

Irish Consumer Sentiment Weakens In August

08/24/2020 - 04:45:00 (RTTNews)

(RTTNews) - Irish consumer confidence weakened in August amid rise in the number of covid-19 cases, survey data from KBC Bank showed Monday.

The consumer confidence index fell to 58.9 from 62.6 in July.

The muted survey results for both July and August suggest that there will be a limited rebound rather than the first signs of a lasting recovery in Irish economic conditions of late, Austin Hughes, KBC Bank Ireland chief economist, said.

It is possible that the sentiment survey could overstate the weakness in consumer spending in the near term, Hughes said. The key unknown is whether sentiment or spending will adjust as 2020 progresses.

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