Irish Factory Sector Growth Weakens In August

Irish Factory Sector Growth Weakens In August - Activity in the Irish manufacturing sector increased marginally in August, after growing at a much faster pace in the previous month, data released by Markit Economics and NCB showed Monday.

The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector dropped to 50.9 in August from 53.9 in July, indicating the weakest improvement in operating conditions in four months. A PMI reading above 50 indicates expansion in the sector, while one below suggests decline.

Production at Irish factories continued to rise in August, extending the current sequence of growth to four months. New orders increased for the seventh successive month, helped mainly by a marked gain in new export orders.

Firms increased their workforces for the sixth successive month, in line with improved demand and work on new products. However, the rate of job creation slowed to the weakest in the current sequence of rising staffing levels.

Input prices grew sharply in August, ending a two-month sequence of falling costs. Meanwhile, companies lowered their output prices further amid intense competition.

Source: InstaForex