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Financial News: Ireland Manufacturing Growth Slows In June

Ireland Manufacturing Growth Slows In June

07/01/2021 - 08:23:00 (RTTNews)

(RTTNews) - Ireland's manufacturing sector expanded at a softer pace in June, survey data from IHS Markit showed on Thursday.

The seasonally adjusted AIB factory Purchasing Managers' Index, or PMI, fell to 64.0 in June from 64.1 in May. Any reading above 50.0 indicates expansion in the sector.

New orders and stocks of purchases rose to a record high in June and output increased to the second highest on record.

Employment grew to the third-highest on record. Backlogs of work rose for the fourth straight month and suppliers' delivery time lengthened in June.

Input price inflation rose to the second-highest on record and resulted in an unpredictable increase in output prices.

"Meanwhile, the 12-month outlook for production remained upbeat, but fell back appreciably from May on concerns that the current very strong rebound in demand would not be sustained to mid-2022," Oliver Mangan, AIB chief economist, said.

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