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Financial News: Ireland Manufacturing Sector Continues To Contract On COVI

Ireland Manufacturing Sector Continues To Contract On COVID-19 Pandemic

05/01/2020 - 00:53:00 (RTTNews)

(RTTNews) - Ireland's manufacturing sector contracted in April as output, new orders, exports and purchasing fell due to the lockdown associated with coronavirus outbreak, survey data from IHS Markit showed on Friday.

The seasonally adjusted AIB factory Purchasing Managers' Index, or PMI, fell to 36.0 in April from 45.1 in March. The latest score was the third-lowest on record after February 2009 and March 2009. Any reading below 50 indicates contraction in the sector.

There was a record lengthening of suppliers' delivery time in April. Output and new orders fell at the fastest rates since twenty-two year survey history.

The rate of job shedding was sharp in April, matching the pace recorded in February 2009. Backlogs of work deteriorated at the fastest rate since September 2011.

Demand from both domestic and export markets collapsed in April and new export orders fell at a record pace. Purchasing activity declined with the collapse in demand due to coronavirus pandemic.

Input price inflation declined to the lowest since March 2016, amid lower demand for inputs and fall in the global oil prices. Charges were cut at the strongest rate since August 2019.

The 12-month outlook weakened in April as companies expect a recession after the coronavirus crisis and the future output index fell to a record low.

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