Construction activity contraction slows in May

Construction activity continued to fall sharply in May but at a softer pace than in April, the latest Ulster Bank Construction PMI survey shows today. The Purchasing Managers’ Index, which tracks changes in total construction activity, posted a reading of 19.9 in May. This was up from 4.5 in April as the construction sector opened up…

Businesses urged not to miss out on energy supply suspension scheme

The Commission for Regulation of Utilities has warned businesses that they could miss out on energy savings by not talking to their suppliers to avail of the temporary Supply Suspension Scheme for companies impacted by Covid-19 restrictions.  The scheme was introduced in May to alleviate the pressures on SMEs by ensuring that they will have…

Robust tax receipts helped offset impact of Covid-19 spending

Exchequer figures for May show an overall deficit in the public finances of €6.143bn. This compares with a deficit of €63m in the same month last year. An unexpected increase in the amount of corporation tax collected offset sharp declines across all other tax heads. Spending was up ahead of where it was planned to…

Mortgage approvals down over 40% in April as impact of Covid-19 hits

The level of mortgage approvals fell substantially in April, according to the latest figures from the Banking and Payments Federation. The figures are reflective of the fact that the property market has all but stalled in recent months as the Covid-related shutdown of the economy took effect. Just 2,200 mortgages were approved in April with…

Adjusted unemployment falls slightly in May to 26.1% – CSO

Unemployment, adjusted to account for those on the Pandemic Unemployment Payment, fell slightly in May to 26.1%. This compares to 28.2% in April. The percentage of younger people unemployed continues to be high with 51% of those 15-24 out of work compared to 22.5% of those aged over 25. The Central Statistics Office reports that…

Research finds homebuyers are confident despite interruption to market

Those looking to buy a house remain confident about their ability to do so, despite the interruption to the market as a result of Covid-19. That’s according to a new survey by property website MyHome.ie. It found that 68% of prospective buyers are still planning on purchasing a new property in the next year. Six…

Number of people on Pandemic Unemployment Payment drops by 36,200

The number of people claiming the Covid-19 Pandemic Unemployment Payment has fallen to 543,200 – a drop of 36,200 in the last week, according to the latest figures from the Department of Employment Affairs and Social Protection. Of  those receiving the payment today, 28,400 have notified the Department that they are returning to work. 21,100…

495,100 employees in receipt of Temporary Wage Subsidy Scheme

Just under half a million workers have had their pay subsidised under the government’s Temporary Wage Subsidy scheme at a total cost of €1.244 billion, according to the latest figures from the Revenue Commissioners. Over 57,200 employers have now registered for the scheme, of whom over 50,500 have already received subsidy payments. According to the…

Grocery sales rise at fastest rate in 15 years

Take-home grocery sales experienced the fastest rate of growth in 15 years over the past 12 weeks, jumping by a quarter, according to new data from Kantar. But the boost in take-home purchases was offset somewhat by reduced outlays by consumers on on-the-go meals, drinks and snacks. “The jump in grocery sales over the most…

72% drop in new car registrations in May due to Covid-19 outbreak

New car registrations for last month dropped 72.3% when compared to May 2019, according to the latest figures from the Society of the Irish Motor Industry. 1,751 new cars were registered last month, compared to 6,320 in May 2019. The figures reveal that Covid-19 has heavily impacted on sales, with retailer’s showrooms remaining closed until the 18th of…