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Financial News: Ireland Factory Sector Growth Weakens In May

Ireland Factory Sector Growth Weakens In May

06/04/2019 - 04:28:00 (RTTNews)

(RTTNews) - Ireland's factory sector growth weakened in May with decline in new business and purchasing activity, survey data from IHS Markit showed on Tuesday.

The seasonally adjusted Purchasing Managers' Index, or PMI, fell to 50.4 in May from 52.5 in April. Any reading above 50 suggests growth in the sector.

Stocks of finished goods declined in May, while that of pre-production inventories rose for the eight straight month. Input stock rose in May despite fall in the purchasing activities. The rate of contraction was the strongest growth seen in this year.

Inflow of the new works fell for the first time in since July 2016. Exports sales declined at a slower pace. Orders that are unfinished were reduced for the ninth month in a row.

Job creation was modest and slowest in thirty-two months, though additional staffs were taken.

On the price front, input price inflation was the slowest in three years in May, while output charges accelerated modestly.

"Despite the contractions in output and orders, business sentiment amongst Irish manufacturers rose to its highest level in five months," Oliver Mangan, AIB chief economist, said.

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