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Financial News: Ireland Manufacturing Growth Slows In May

Ireland Manufacturing Growth Slows In May

06/01/2022 - 02:20:00 (RTTNews)

(RTTNews) - Ireland's manufacturing sector improved for the twentieth month in a row in May, albeit at a softer pace, as growth in demand and output slowed, while cost pressures rose further, survey results from S&P Global showed Wednesday.

The AIB Ireland manufacturing Purchasing Managers' Index fell to 56.4 in May from 59.1 in April.

Any reading above 50.0 indicates expansion in the sector. This was the slowest rate of expansion since February 2021.

Order book volumes increased further in May, but at a slower pace. Output rose at the weakest pace since the current sequence began in March last year.

Backlogs of work declined for the first time in over a year in May and the number of workforce rose to the highest since October 2020.

Purchasing activity increased in May and lead time lengthened to the weakest since December 2020.

The rate of cost inflation rebounded in May. Firms increased their factory charges and the pace of rise hit a series record for the third straight month.

Business confidence weakened to the lowest in nineteen months in May, due to the war in Ukraine and steep inflationary pressures.

"The fall was in line with the trend seen in other economies - the flash May indices fell to 54.4 and 54.6 in the Eurozone and UK, respectively," Oliver Mangan, AIB chief economist, said.

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