Irish manufacturing ekes out growth for just second time this year, PMI shows
2024.07.31 21:11
DUBLIN (Reuters) – Ireland’s manufacturing sector eked out growth for just the second time in eight months in July, bouncing back after contracting at the fastest pace in a year a month earlier, a survey showed on Thursday.
The AIB S&P Global manufacturing Purchasing Managers’ Index (PMI) for Ireland rose to 50.1 from 47.4 in June, crossing the 50 mark denoting growth from contraction that manufacturers have only managed to do four times since February 2023.
The slight growth was driven by a renewed rise in output from a sharp decline in June, giving companies the confidence to further increase their staffing levels.
The survey’s authors said that while the underlying data hinted at early signs of recovery in demand conditions, firms were unable to renew their purchasing activity while a renewed jump in costs may be a concern.
Input prices, which were contracting this time last year following a huge jump the year before that, rose at the sharpest rate for 17 months in June.
“While stronger cost burdens failed to fully feed through to charges, they will need to be monitored closely in order to assess inflationary concerns,” the survey’s authors said.
