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Financial News: Ireland Services Growth Strongest In 4 Months

Ireland Services Growth Strongest In 4 Months

06/06/2018 - 01:45:00 (RTTNews)

(RTTNews) - Ireland's service sector activity expanded at the fastest pace in four months in May, driven by strong increase in new orders, survey data from IHS Markit showed Wednesday.

The seasonally adjusted Investec services Purchasing Managers' Index rose to 59.3 in May from 58.4 in April. Any reading above 50 indicates expansion in the sector.

New orders grew strongly in May amid improving economic conditions, but also attributed higher activity to favorable weather. But the rate of growth was slower than in April.

The rate of job creation also eased, but remained marked.

On the price front, input prices continued to rise sharply in May, while the rate of output price inflation eased to a 19-month low amid reports of competitive pressures.

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