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Financial News: Ireland Manufacturing Sector Expansion Eases Sharply

Ireland Manufacturing Sector Expansion Eases Sharply

02/01/2021 - 03:27:00 (RTTNews)

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

The seasonally adjusted AIB factory Purchasing Managers' Index, or PMI, fell to 51.8 in January from 57.2 in December. This was the lowest in three months.

Any reading above 50.0 indicates expansion in the sector.

Production declined sharply in January due to lower new orders. Businesses were shutdown as firms reduced output due to the coronavirus lockdown.

Suppliers' delivery time lengthened in January and backlogs of work declined. Inputs purchased declined sharply in January.

The volume of pre-production items rose for the third straight month and at the fastest rate since April 2019. New orders decreased in January.

Input price increased the most since November 2018 and output price inflation rose to the highest in twenty-two months.

Firms were more optimistic regarding the 12-month outlook and the overall confidence was the strongest since May 2019, in the view that the rollout of covid vaccines will lead to an improvement in economic conditions. "This unwound in January, with new post-Brexit UK trade regulations and disruptions an additional headwind for the sector," Oliver Mangan, AIB chief economist, said.

Employment rose for the fourth month in a row in January, Mangan said.

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