The Irish manufacturing sector is growing, but costs remain high. | So Good News
(Alliance News) – Irish manufacturing remained in growth territory in October, survey results showed on Tuesday.
The AIB/S&P global manufacturing purchasing managers’ index came in at 51.4 in October, down slightly from 51.5 in September. Remaining above the 50.0 unchanged mark shows that the sector is still growing.
“However, there are warning signs in the Irish data, with new orders, including export orders, weighing on consumer demand with high inflation both at home and abroad. Work has continued to clear back orders and rebuild finished goods stocks. So companies are still hiring, with employment increasing significantly this month,” said Oliver Mangan, economist at AIB.
Cost inflation remained strong due to sharp increases in import prices. The rate of price increases slowed to a 20-month low, but energy, fuel Continued pressure on materials and labor costs.
The manufacturing PMI is compiled from responses to questionnaires sent by S&P Global to a panel of around 250 Irish manufacturers. Responses were collected between October 12 and 24.
Elizabeth Winter; [email protected]
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