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Financial News: Ireland Manufacturing Activity Signals Modest Growth In Oc

Ireland Manufacturing Activity Signals Modest Growth In October

11/01/2022 - 03:52:00 (RTTNews)

(RTTNews) - Ireland's manufacturing activity signaled further modest improvement in October as new orders continued to fall while output rose for the first time in five months, survey results from S&P Global showed on Tuesday.

The AIB Ireland manufacturing Purchasing Managers' Index dropped marginally to 51.4 in October from 51.5 in September. However, a reading above 50.0 indicates expansion in the sector.

In October, output, employment and stocks of purchases all expanded, while suppliers' delivery times lengthened further.

At the same time, new orders received by Irish goods producers fell for the fifth consecutive month, as high inflation had deterred customers from placing new businesses.

On the price front, input price inflation eased to a 20-month low, reflecting both improving supply chains and weakening demand conditions.

As a result of increased costs for materials, labor, fuel, and energy, output price inflation rose to a three-month high.

Manufacturers remained confident about the production outlook in the next twelve months, with the respective index rising to a 7-month high in October, amid positive expectations for export forecasts and hopes that the current downturn in demand will prove temporary.

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