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Financial News: Ireland Manufacturing Growth At 22-Montn Low

Ireland Manufacturing Growth At 22-Montn Low

09/01/2022 - 04:23:00 (RTTNews)

(RTTNews) - Ireland's manufacturing activity expanded at the slowest pace in nearly two years in August, as output and new orders fell at sharper rates, survey results from S&P Global showed on Thursday.

The AIB Ireland manufacturing Purchasing Managers' Index fell to 51.1 in August from 51.8 in July.

However, a reading above 50.0 indicates expansion in the sector. This was the slowest rate of growth since October 2020.

New orders declined for the third straight month in August amid weaker demand among customers due to rising inflationary pressures and economic uncertainty. New export orders also fell more quickly than a month ago.

In line with falling new orders, output decreased at the steepest pace since February last year, partly reflecting efforts to clear backlogs, which fell at the quickest pace in nineteen months, and also to limit growth in unsold stock.

Manufacturers raised their workforce numbers in August, linked to the US market and efforts to boost capacity. Nonetheless, the rate of job creation was the weakest since January 2021.

On the price front, input price inflation softened to a one year low in August on reduced pressure on supply chains.

Despite a positive 12-month outlook, expectations of production eased to a 22-month low due to concerns about inflation and recession.

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