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Financial News: Ireland Services Sector Growth Slowest In Three Months

Ireland Services Sector Growth Slowest In Three Months

08/06/2019 - 01:45:00 (RTTNews)

(RTTNews) - Ireland's services activity growth eased to a three-month low in July, survey data from IHS Markit showed on Tuesday.

The seasonally adjusted Investec services Purchasing Managers' Index, or PMI, fell to 55.0 in July from 56.9 in June. Any reading above 50 indicates expansion in the sector.

New order growth fell to the slowest pace in three months in July and export sales dropped for the first time since November 2016.

Employment level rose in July, but at the weakest rate since May 2013. The backlog of work increased at the slowest rate in three months and outstanding work increased since June 2013.

On the price front, input cost inflation moderated to the lowest in sixteen months in July and cost burden increased. Output price inflation softened to a three-month low.

Business confidence eased to the lowest in three months as Brexit's uncertainty weighed on sentiment.

The composite PMI fell to 51.8 in July from 54.4 in June, suggesting the slowest expansion since May 2013.

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