In brief: Google searches for 'restaurants'
Following two bank holiday weekends, there are less people interested in dining outside of their home, with Galwegians in particular feeling like a night in. The number of Google searches for 'restaurants' in our three main cities fell slightly to 9,690 last week.
Stock of properties for sale on Daft.ie
Rating agency S&P says the property market has bottomed out, but there's still a glut of houses on the market, according to our new indicator from Daft.ie. Last week, there were 58,532 properties on sale, which represents a hefty surplus of supply over demand. Increases in this number aren't exactly good news.
Portugal's bailout and Osama being whacked didn't cause the slightest ripple for internet shoppers, especially ones looking for bouquets of flowers or presents of flying lessons. Sales at Ireland's biggest online gift website www.giftsdirect.com were up by 47 per cent last week compared with the same week last year. There is no recession on the internet as retail sales figures for the high street made grim reading.
Latte sales at Ireland's best coffee chain Insomnia dipped 19 per cent last week compared with the same week last year -- but then again, it was another bank holiday and most Insomnia sales happen on workdays. So there was one less day of trading. And lattes would also have been hit by the launch of Insomnia's new flat white. But overall, coffee sales were down 11 per cent.
10-year Irish bond yield
The bond yield fell from 10.48 per cent to 10.242 per cent this week, representing a decline of 3.3 per cent. The initial terms of Portugal's bailout have been agreed and it seems the market is happy with this movement, as indicated by this decrease.
Ratio of new enterprises/ companies closing down
The week after Easter saw many companies closing down, yet the ratio has doubled favourably from last week from 0.6 to 1.2, representing a more positive week.
Oil prices tanked last week, but it made bugger all difference at the pumps. In litre terms, the price of petrol increased by one cent this week to €1.529, while the cost of diesel decreased by one cent to €1.469. For hauliers and diesel car users, this represents a marginal saving of under 1 per cent, but the converse is true for petrol car owners this week.
This week saw a welcome change in Revenue figures, beating the expectations set in January by 1.1 per cent. In particular, Income Tax and Excise were all ahead with only VAT lagging by 3 per cent. The outperformance of Corporation Tax by a stonking 32 per cent illustrates profits are still being made in this country!
To sum up...
Despite international shudders, there were more good indicators for the economy trending upwards than down this week, with the bond yield falling, more new companies opening, strong online sales and sound enough exchequer figures pointing to a tiny step forward toward recovery.
Sunday Indo Business