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Financial News: Ireland Manufacturing Sector Continues To Contract

Ireland Manufacturing Sector Continues To Contract

01/02/2020 - 01:35:00 (RTTNews)

(RTTNews) - Ireland's manufacturing sector fell for the sixth time in the last seven months in December, survey data from IHS Markit showed on Thursday.

The seasonally adjusted AIB factory Purchasing Managers' Index, or PMI, fell to 49.5 in December from 49.7 in November. Any reading below 50 indicates contraction in the sector.

The volume of new orders received by manufacturers declined in December and new export orders decreased for the sixth month in a row, and at the second-fastest rate in over ten years.

Production declined in December as inflow of business decreased. Inventories of finished goods rose for the seventh straight month and at the fastest rate since August.

The number of workforce declined for the second month in a row in December and the rate of job shedding was only marginal and eased since November.

Input volumes declined for the seventh time in eight months, and stocks of purchases decreased at the strongest rate since March 2017.

The rate of inflation eased to the second-weakest since July 2016, remaining below the long-run survey average and purchase prices rose in December. The rate of output price inflation was slightly above the long-run series average.

The forward-looking future output index, which tracks manufacturers' expectations for production over the next 12 months, increased further from September's low in December, the survey reported.

"On a positive note, confidence among Irish manufacturers regarding future output rose to a six-month high in December, suggesting that firms expect activity to pick up in 2020," Oliver Mangan, AIB chief economist, said.

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