Archive for October 2023

The European Central Bank left interest rates unchanged as expected today, snapping an unprecedented streak of ten consecutive rate hikes, and maintained its guidance which signals steady policy ahead. The ECB has lifted rates by a combined 4.5 percentage points since July 2022 to combat runaway price growth but hinted last month that it would…

New guidance for Irish influencers on how to clearly label ads on social media has been issued by the Competition and Consumer Protection Commission (CCPC) and the Advertising Standards Authority for Ireland (ASAI). The advice comes as consumer agencies across the EU, including the CCPC, begin a coordinated sweep of influencer accounts to assess their…

Mortgage drawdowns were down almost 22% between July and September when compared to the same period last year. New figures from Banking and Payments Federation Ireland show that just over 11,600 mortgages were drawn down during the three month period, valued at over €3.1 billion. The fall is drawdowns was driven by an 81% drop…

There was an increase of 8,452 in new dwelling completions in the third quarter of this year, according to the latest figures from the Central Statistics Office. This marked an increase of just over 14% on the same period in 2022. Apartments, at 3,373, made up 40% of all new units. This was a 47.3%…

Job vacancies declined by 28% year-on-year and by 7% on a quarterly basis according to the latest Jobs Index from hiring platform IrishJobs. The data is for the third quarter of this year and shows that the IT sector experienced decreases in vacancies of 42% compared to last year and were down by 12% on…

The Governing Council of the European Central Bank (ECB) meets in Athens today where it’s widely expected to leave interest rates on hold for the first time since last summer. Recent economic indicators have shown the euro area is slowing down. The ECB has raised interest rates ten times since July of last year in…

The latest AA Ireland monthly Fuel Price Survey shows a slight drop in petrol and diesel prices over the last month, while the cost of running an electric vehicle has also fallen. The price of petrol is down from €1.85 in September to €1.83 and diesel has fallen by one cent from €1.85 to €1.84…

Around four in five businesses are planning on increasing pay for employees in 2024, with an average pay rise of 3.8%. This is according to the latest Pay and HR Update, an annual survey of around 400 firms conducted by business group, Ibec. The figure is in line with the 84% of companies that increased…

Modular housing units need to be constructed in higher volumes in order to address the housing shortage crisis, according to the Director General of Engineers Ireland. Damien Owens argues that advantage should be taken of modern construction methods that can help to alleviate pressure on the housing market while improving sustainability in construction. He added…

Euro zone business activity took a surprise turn for the worse this month as demand fell in a broad-based downturn across the region, a survey showed, suggesting the bloc may slip into recession. HCOB’s flash euro zone Composite Purchasing Managers’ Index (PMI), compiled by S&P Global and seen as a good guide to overall economic…