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Financial News: Ireland Manufacturing Growth Strengthens In October

Ireland Manufacturing Growth Strengthens In October

11/01/2021 - 05:05:00 (RTTNews)

(RTTNews) - Ireland's manufacturing growth improved for the first time in five months in October, survey data from IHS Markit showed on Monday.

The seasonally adjusted AIB factory Purchasing Managers' Index, or PMI, rose to 62.1 in October from September's six-month low of 60.3. Any reading above 50.0 indicates expansion in the sector.

"Indeed, the index has now remained above 60 for seven consecutive months, illustrating the very solid rebound in manufacturing this year," Oliver Mangan, AIB chief economist, said.

New works increased in October and the overall rate of new business growth increased sharply.

Output rose at a stronger rate in October and new orders increased for the second time in the eight-month sequence of expansion.

Outstanding business rose for the eighth month in a row in October, albeit at a softer rate since April. Suppliers' delivery time declined to the lowest on record.

Input prices increased the most since the survey began in 1998 and output charges rose for the thirteenth month in a row and at the fastest pace since the series began in 2002.

Goods producers remained confident over the next 12 months, the survey showed.

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