Michael Creed (Cork North West, Fine Gael)
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Question 88: To ask the Minister for Finance the reason the KBC Ireland-ESRI consumer sentiment index slipped last month to 48.1 from 52.4 in September, bringing the index to its lowest level for 17 months; and if he will make a statement on the matter. [41617/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The KBC Ireland/ ESRI consumer sentiment index for October was disappointing. This reflects uncertainty about the short term economic prospects among consumers which is also reflected in the present high savings ratio as they seek to reduce their personal debt levels and also hold off making purchases. There is, however, some good news on the economic front. Labour market conditions - that have a major impact on consumer sentiment - are showing signs of stabilising. The Live Register has fallen considerably in the last two months. In fact, the fall in numbers on the Live Register in October was the largest fall in 14 years. Other recent good news on the labour market was the announcement that September last saw the biggest number of new professional job vacancies since October 2008. The September figures were up 40 per cent on a year earlier. However, it still must be acknowledged that the unemployment rate is at historically high levels, but any reduction in unemployment is welcome at this time.

Providing certainty and clarity to the market and wider society through the publication of the four-year plan later this month is important. While it will seek sacrifices from all across society, the plan will offer a clear path towards economic sustainability. The certainty provided by setting out the policy measures that people can expect to see implemented in the next four years will enable consumers to make fully informed consumption decisions and thus contribute positively towards economic growth.