Irish manufacturing sector grows for 12th straight month in May
Irish manufacturing activity grew for a 12th successive move in May, albeit at a weaker rate, possibly reflecting a European-wide slowdown in recovery, a survey showed today. However, the latest Purchasing Managers’ Index (PMI) also indicated companies in the sector hired staff at the fastest rate in nearly 15 years, primarily as a result of increasing workloads linked to new export orders. The finding was at odds with the latest Quarterly National Household Survey, which suggested employment growth in the Irish economy had slowed significantly
The sub-index for new export orders accelerated to the fastest rate since last October, with respondents identifying the UK was the main source of new business from abroad. Increased workloads was the main factor behind another rise in employment in the sector in May, according to firms. Staffing levels have now increased throughout the past year, and the rate of job creation accelerated in the latest survey period to the strongest level since December 1999.
Meanwhile, output prices continued to fall amid strong competitive pressures, albeit the rate of decline eased from that seen in the previous month. Taken together with recent positive Services PMI and Construction PMI readings, today’s Manufacturing PMI report provides a further reminder of the strong momentum across much of the private sector in Ireland,” Investec Ireland chief economist Philip O’Sullivan said.
A series of manufacturing PMI surveys for the rest of the euro zone, published on Monday, also indicated a slowdown in growth, cranking up pressure on the European Central Bank (ECB) to stimulate the European economy when it meets on Thursday. In contrast to Europe, US and China manufacturing surveys indicated an acceleration of activity in May.
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