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Financial News: Ireland Factory Activity Falls At Fastest Pace In

Ireland Factory Activity Falls At Fastest Pace In Nearly 6-1/2 Years

09/02/2019 - 02:21:00 (RTTNews)

(RTTNews) - Ireland's manufacturing conditions deteriorated at the fastest pace in nearly six-and-half years in August, survey data from IHS Markit showed on Monday.

The seasonally adjusted AIB factory Purchasing Managers' Index, or PMI, fell to 48.6 in August from 48.7 in July.

This was the third consecutive contraction. Any reading below 50 indicates a contraction in the sector.

Inflows of work from abroad decreased for the third time in the past four months in August and export sales reduced as orders from UK weakened due to ongoing Brexit uncertainty.

Employment level increased marginally in August and backlogs of work declined.

Stocks of finished goods rose for the third month in a row in August amid rise in post production inventories.

On the price front, survey showed that input price inflation rose slightly in August, while the selling price decreased for the second straight month.

Business sentiments declined to the weakest pace in thirty-seven months in August as Brexit uncertainty weighed on optimism.

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