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Financial News: Ireland's Service Sector Gathers Growth Momentum

Ireland's Service Sector Gathers Growth Momentum

01/04/2018 - 01:29:00 (RTTNews)

(RTTNews) - Ireland's service sector growth accelerated in December with sharper increases in business activity, new orders and employment, survey data from IHS Markit showed Thursday.

The services Purchasing Managers' Index rose to 60.4 in December from 56.0 in November. A score above 50 indicates expansion in the sector.

Growth picked up to the strongest in eight months, supported by a robust expansion in new work intakes and favorable economic conditions.

Buoyant demand conditions led to another monthly increase in new work intakes. Growth in demand from external sources eased slightly but the upturn in new export business remained marked.

Services employment rose for the sixty-fourth month in a row, and at the fastest rate since September.

Input price inflation was the joint-strongest seen in the past year and surpassed its long-run average. Consequently, output price inflation climbed to a five-month peak.

Further, data showed that service providers were at their most upbeat since September.

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