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Financial News: Ireland Factory Growth Eases To 1-Year Low

Ireland Factory Growth Eases To 1-Year Low

04/03/2018 - 02:16:00 (RTTNews)

(RTTNews) - Ireland's manufacturing activity expanded at the weakest pace in a year in March, survey figures from IHS Markit showed Tuesday.

The seasonally adjusted Investec Purchasing Managers' Index, or PMI, dropped to 54.1 in March from 56.2 in February. However, any reading above 50 indicates expansion in the sector.

Disruption caused by Storm Emma at the start of March impacted business conditions in the manufacturing sector.

Output rose only marginally in March, and at the slowest pace since August 2016.

Meanwhile, new orders continued to rise sharply amid generally improving market conditions.

Consequently, firms raised their staffing levels markedly in March, extending the current sequence of job creation to a year-and-a-half.

On the price front, input price inflation remained sharp, driven by higher costs for raw materials, in particular steel. As a result, output prices rose at the fastest rate since August last year.

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