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Financial News: Ireland Services Growth Remains Strong In June

Ireland Services Growth Remains Strong In June

07/03/2019 - 00:26:00 (RTTNews)

(RTTNews) - Ireland's services sector expanded strongly in June driven by new business, export sales and employment, survey data from IHS Markit showed Wednesday. Nonetheless, the pace of growth slowed marginally from May.

The seasonally adjusted Investec services Purchasing Managers' Index, or PMI, fell to 56.9 in June from 57.0 in May. Any reading above 50 indicates expansion in the sector.

New business growth eased slightly in June from the previous month and new export business expanded at the fastest pace in five months.

Employment level increased in June, marking the quickest rate in three months. Backlogs of works rose to the highest level in eleven months.

On the price front, input cost inflation declined slightly and costs for fuels, staffing and utility were higher. Output cost inflation softened in June.

Business sentiment among service providers regarding future activity remained broadly unchanged from May.

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