slower demand for consumer goods, rising borrowing costs and constant talk of a global recession, have not gone unnoticed by the manufacturing sector, which is currently experiencing acute challenges balancing supply and avoiding over production. january data from many of the world s key economies will be unveiled later giving the earliest signs of how the global economy is faring. many economists will be looking for risks of recession and any pricing trends. fhaheen khan is senior economist with make uk the manufacturers organisation that represents 20,000 companies of all sizes. good to have you on the programme. wejust heard good to have you on the programme. we just heard from japan and you said many countries are coming out with pmi data say showing that the manufacturing shrank for a third row that make months in a row injapan. export third row that make months in a row in japan. export weakness is seen as persistent at the moment and that is the concern, isn t it, righ
thatis means wages are being paid and that is a really important factor of economic stability. but most businesses are focused on the short term. on the short term. focusing on consumers on the short term. focusing on consumers for on the short term. focusing on consumers for a on the short term. focusing on consumers for a moment, - on the short term. focusing on i consumers for a moment, looking at retail sales are off a bit but i wonder how people are paying for this stuff? when you look at things like savings, credit cards, balances, what is the picture there and what does it mean for the wider economy? it is interesting. you see things like subscription levels being adjusted, through our debit card spending for example we have seen people changing where they spend their money so maybe instead of spending it at a higher supermarket they will go to a low supermarket cost point. we see those adjustments in spending interestingly in q3 in spending interestingly in 03 last year
and that s a really important factor of economic stability. but most businesses are focused on the short term. turning our focus to consumers for a moment, you look at things like retail sales, they were off a little bit, but some of the supermarkets had very good christmases, whatever. ijust wonder how people are paying for this stuff. when you look at things like savings, credit card balances, what s the picture there, and what does that mean for the wider economy? so it s interesting, we re seeing things like subscription levels being adjusted. we ve seen through our debit card spending, for example, people changing where they spend their money. so maybe rather than spending at a higher supermarket cost point, sort of a lower supermarket cost point. so we re seeing those adjustments in spending. interestingly, in q3 last year, we saw deposit levels go down
Debit and credit card spending with one of Ireland s main banks was up 13% last month, when compared to the same time last year. Bank of Ireland debit and credi.