Ireland Manufacturing Growth Improves Slightly
Ireland’s manufacturing sector growth improved only marginally in September amid a weaker fall in output and a faster rate of employment, survey results from S&P Global showed on Monday.
The AIB Ireland manufacturing Purchasing Managers’ Index rose to 51.5 in September from August’s 22-month low of 51.1.
A reading above 50.0 indicates expansion in the sector. Nonetheless, this was the second- weakest rate of growth since October 2020.
New orders fell at the fastest pace since January last year, and new export orders also declined further. Lower demand was attributed to increased caution among customers due to the risk of a recession in the economy, high prices, and geopolitical instability.
Output fell for the fourth successive month in September, but the pace of contraction was only marginal and weaker than the drop in new work, reflecting efforts to clear backlogs.
On the price front, input prices continued to rise strongly in September linked to on-going global shortages, the strong US dollar, and high energy prices. However, the rate of inflation eased again to a 19-month low.
Product expectations for the next twelve months have improved slightly since August, but remain close to a two-year low in the face of recession and inflation risks. Despite the weak outlook, employment rose at the fastest rate in three months.
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