Irish manufacturing sector slows growth in October. | So Good News
DUBLIN (Reuters) – Ireland’s manufacturing sector showed little growth in October as demand remained weak, a survey showed on Tuesday.
The AIB S&P global manufacturing purchasing managers’ index (PMI) fell to 51.4 in October from 51.5 the previous month, passing above the 50 mark that separates expansion from contraction.
Ireland beat the broader Eurozone’s manufacturing PMI, which fell to 46.6 last week.
The survey showed a contraction in new orders but a return to expansion for the first time in five months.
“Output increased slightly as manufacturers continue to work to clear backorders and rebuild stocks of finished goods,” said Oliver Mangan, AIB’s chief economist.
However, he added that there were some caveats in the Irish data, with new orders including export orders rising as higher inflation at home and abroad weighed on consumer demand.
(Writing by Conor Humphries, Editing by Hugh Lawson)