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Financial News: Ireland Services Activity Growth Weakest Since January

Ireland Services Activity Growth Weakest Since January

09/03/2019 - 23:40:00 (RTTNews)

(RTTNews) - Ireland's services activity grew at the slowest pace since January on weak new orders and employment, survey results from IHS Markit showed Wednesday.

The AIB services Purchasing Managers' Index fell to 54.6 in August from 55.0 in July. The score signaled the slowest rise since January. However, a reading above 50 indicates expansion in the sector.

Inflows of overall new business expanded at the slowest pace in four months, amid reports from some firms of Brexit uncertainty negatively affecting orders from the UK.

Irish service providers recorded the weakest payroll expansion since May 2013. On the price front, data showed that while the rate of input cost inflation eased, companies increased their output charges at a faster pace in August.

Meanwhile, sentiment towards activity over the coming year dropped to the lowest since December 2011 as Brexit weighed on optimism.

The composite output index held steady at 51.8 in August despite the manufacturing sector continued to contract.

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