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Financial News: Ireland Manufacturing Activity Deteriorates For Fourth Mon

Ireland Manufacturing Activity Deteriorates For Fourth Month

10/01/2019 - 02:11:00 (RTTNews)

(RTTNews) - Ireland's manufacturing condition deteriorated for the fourth straight month in September, survey data from IHS Markit showed on Tuesday.

The seasonally adjusted AIB factory Purchasing Managers' Index, or PMI, rose marginally to 48.7 in September from 48.6 in July. However, any reading below 50 indicates contraction in the sector.

Demand conditions in both domestic and abroad deteriorated in September.

New business from abroad declined at the fastest pace since August 2009 on weaker sales to the UK. The delay in output and new work led the employment to remain unchanged from August.

Backlogs of work decreased further in September and outstanding work declined steeply and at the fastest pace since July.

Stocks of finished goods rose for the fourth month in a row in September. However, the rate of accumulation was moderate and the slowest in the current sequence of expansion.

Purchases fell for the fifth straight month in September, though the rate of contraction was the weakest since May.

Input price inflation eased to the lowest level in thirty eight months, while the cost burdens rose in September. Firms lowered their charges for the third consecutive month to stimulate sales.

"Sentiment among Irish manufacturers regarding future output, while still positive, fell to its lowest level in the seven year history of the survey, as Brexit concerns mount," Oliver Mangan, AIB chief economist, said.

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