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Financial News: Ireland Manufacturing Growth At 7-Month High

Ireland Manufacturing Growth At 7-Month High

09/03/2018 - 02:24:00 (RTTNews)

(RTTNews) - Ireland's manufacturing activity expanded at the fastest pace in seven months in August, survey figures from IHS Markit showed Monday.

The Investec factory Purchasing Managers' Index rose to 57.5 in August from 56.3 in July. A score above 50 indicates expansion in the sector.

Among components, both output and new orders grew at the quickest rate in this year so far. Consequently, firms raised their purchasing activity and staffing levels in August.

On the price front, input price inflation eased to a ten-month low, but remained sharp. Selling prices also increased at a solid pace.

"The forward-looking Future Output index remains very elevated and reached a three-month high in August," Philip O'Sullivan, Chief Economist at Investec Ireland said.

"With a positive economic backdrop both in Ireland and abroad, we think this optimism is well-founded."

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