Irish manufacturing growth slows in November
Ireland’s manufacturing sector expanded in November, but growth moved at the slowest pace in 21 months according to Investec’s monthly Purchasing Managers’ Index (PMI).
The Investec Manufacturing Purchasing Managers’ Index slipped to 53.3 in November from 53.6 in October.
While it remained comfortably above the 50 line denoting growth, the index registered the slowest pace of expansion since February 2014.
The index has hovered around the same level for the past four months.
Investect noted that the sub-index measuring new orders and work backlogs slipped, while input prices rose.
Employment growth inched lower to 53.4 from 53.5 in November – its slowest growth since 2013.
Investec Ireland’s chief economist Philip O’Sullivan said firms remained positive in their outlook, but that an easing of global growth prospects were reflected in more moderate growth suggested by several components the survey.
“We are also pleased to see that headcounts in the sector continue to grow at a healthy clip, as they have consistently done over the past two-and-a-half years. Helped by these extra staffing resources, Backlogs of Work recorded a fourth successive monthly decline,” Mr O’Sullivan said.
