Retail sales in recession: CSO

[COMMIE]

Don't have a choice when you talking about staples i.e food, rent etc.....

And employees are told to take pay rises less then inflation!

[kerrynorth]

Also the CSO have revised the January figure from 0.9% growth to 0.

[Sligoboy]

Also the CSO have revised the January figure from 0.9% growth to 0.

Where's Ard and FT to spin this into goodnews? It's Friday for cryin' out load

[cyberianpan]

February retail sales were -0.1% lower than February 07 and -1.9% down on January. This is the first time in 4 years that retail sales have contracted yoy.
Excluding the motor trade there was a yoy 2.3% increase and a monthly -0.3% decrease.

Kerrynorth failed to link to the CSO release and selectively quoted it:

The volume of retail sales (i.e. excluding price effects) decreased by 0.1% in
February 2008 compared to February 2007 which is the first year-on-year fall in
Retail Sales since January 2004. There was a monthly decrease of 1.9%.


The value of retail sales increased by 3.2% in February 2008 compared to
February 2007 and decreased by 1.3% in the month.

I wouldn't think that there's much to be read into those figures at all.

cYp

[Dillinger]

Brought on by the greed of retail outlets to suck the consumer dry.

The Irish were willing participants, I thought I had seen it all during the late 80's while working in the UK.
But they Irish have outdone even the Liverpool St posse from that era, when it came spending, and spending, and
spending some more.

[zachler]

Scary how the pillars of recent Irish growth are shrinking; first construction, now consumption, and exports are feeling the squeeze too.

I don't think anyone is to blame for all these things but there's a remarkable confluence of events at national and international levels with a lot of negative data.

One positive that isn't materialising is cheaper imports with the strong euro. At least that would ease inflation.

Ach shure bejaysus how could anyone be to blame, shure isn't it just the will of the Gods begorrah, shure the fact we've got a wildly unbalanced economy entirely reliant on construction and boom-bling spending - with a bloated inefficient costly non-performing public sector, third world infrastructure, no indiginous industry, drowning in anti-competitive practices, cartels and stealth taxes - wouldn't have anything to do with having the Builder's Party in power for 11 years, shure how could it? Don't see the connection there at all, to be shure to be shure.

*bangs head off brick wall repeatedly*
Brilliant! Some people just can't see the wood for the trees so.
*repeat to fade*

Take it easy. I was just trying to be a little objective here. No ONE person is to blame for ALL these economic indicators heading the wrong direction at the same time. There's plenty of scope for accusing the current Government for persuing wrong policies in specific sectors, such as contruction, but its a little petty blaming a government - ANY government - for every economic ill. No political leader anywhere can pull the levers of the world economy to his advantage.

I didn't vote for this government but a little constructive opposition, as opposed to whinging, goes a long way.

[expat girl]

Scary how the pillars of recent Irish growth are shrinking; first construction, now consumption, and exports are feeling the squeeze too.

I don't think anyone is to blame for all these things but there's a remarkable confluence of events at national and international levels with a lot of negative data.

One positive that isn't materialising is cheaper imports with the strong euro. At least that would ease inflation.

Ach shure bejaysus how could anyone be to blame, shure isn't it just the will of the Gods begorrah, shure the fact we've got a wildly unbalanced economy entirely reliant on construction and boom-bling spending - with a bloated inefficient costly non-performing public sector, third world infrastructure, no indiginous industry, drowning in anti-competitive practices, cartels and stealth taxes - wouldn't have anything to do with having the Builder's Party in power for 11 years, shure how could it? Don't see the connection there at all, to be shure to be shure.

*bangs head off brick wall repeatedly*

*repeat to fade*

Actually folks, if I thought an INTERNATIONAL crisis brought on by dodgy bankers and Peak Oil (not necessarily in that order) could be laid at the foot of our current government, I would be even more worried than I already am.

Challenge for the critics... point me to ONE economy that isn't suffering from both the credit crunch and recessflation. Yes, I know the Germans are doing better than most.... but they had a load of natural resources they're only just beginning to run out of, some of Europe's most fertile land, and a population of 80 million.

Don't you think there are SOME limits to the power of FF&Co??? Hell, when it comes to screwups, at least none of our lot (opposition included),supported the 3 trillion dollar war....... just watch the year of discontent explode in the UK, starting with the national school teachers and Grangemouth

I'd take ANY Irish politician over anything on offer in the UK/US right now.......

[freedomlover]

The retail sales figures for the Eurozone for March came out today. They were far worse than anything Ireland has experienced. The volume of retail sales was down 1.6% in March 2008 compared with March 2007. I'm not certain, but I think the Eurozone figures exclude car sales, so its shop sales in the Eurozone that are down 1.6%. In Ireland shop sales were still showing a volume increase of 2.3% in February 2008 compared with February 2007 (Ireland figures for March not out yet). Once again, contrary to all the hype, the continental Eurozone countries are faring much worse than anywhere else. If this trend continues for a few months, it greatly increases the chances of the ECB reducing interest rates.

http://www.finfacts.ie/irishfinancenews ... 3502.shtml

[rockyracoon]

Actually folks, if I thought an INTERNATIONAL crisis brought on by dodgy bankers and Peak Oil (not necessarily in that order) could be laid at the foot of our current government, I would be even more worried than I already am.

Challenge for the critics... point me to ONE economy that isn't suffering from both the credit crunch and recessflation. Yes, I know the Germans are doing better than most.... but they had a load of natural resources they're only just beginning to run out of, some of Europe's most fertile land, and a population of 80 million.

Don't you think there are SOME limits to the power of FF&Co??? Hell, when it comes to screwups, at least none of our lot (opposition included),supported the 3 trillion dollar war....... just watch the year of discontent explode in the UK, starting with the national school teachers and Grangemouth

I'd take ANY Irish politician over anything on offer in the UK/US right now.......

Jaysus and begorrah, you're aisy pleased. Are you seriously suggesting that the government hasn't lead the way with the: "forget about the future and spend, spend, spend today" mantra we've been hearing for 10 years. Meanwhile they've legistlated the health service into the ground and have broken every promise on education over 3 elections, leaving local communities and parents to top up school budgets to pay for basic expenses. FF and their cohorts have presided over some of the biggest budget per capita surpluses in history and yet have managed to squander 100's of millions on cost over runs and bungled schemes. And FF has done its bit for the war - remember Shannon. And on topic, a big regional retailer in our area is reporting a c. 10% drop in gross sales yoy.