GENERAL INDUSTRY NEWS

Jobs hit harder by pandemic than economy

Business Post– 07.10.2020

The Central Bank has said the economy has fared better than forecast during the pandemic, but the impact on jobs has been worse, according to its latest quarterly bulletin. The bank warns recovery will remain uneven and a “no-trade deal” Brexit will hamper any growth next year. Ireland recorded the smallest fall in GDP across Europe due to the pandemic, but experienced one of the highest falls in spending by consumers. The bank also warns that if there is a no-trade deal Brexit, the biggest impact will be felt in the first three months of next year with food exporters bearing the brunt of potential falls in demand for their goods of up to 75 per cent.

Services sector see decline after recent summer growth

Business Post– 06.10.2020

The recovery in the services sector that was evident in the summer months ran out of steam in September, according to AIB's monthly measure of activity in the sector. The AIB Purchasing Managers' Index found that activity fell sharply in the month following two months of modest expansion. The index tracks activity on a scale of 1 to 100, with 50 the break-even point separating expansion from contraction. The business activity index fell sharply into contraction territory in September, declining from August's 52.4 to 45.8.