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Financial News: Ireland Manufacturing Sector Expansion Slows In August

Ireland Manufacturing Sector Expansion Slows In August

09/01/2020 - 04:57:00 (RTTNews)

(RTTNews) - Ireland's manufacturing sector expanded at a slower pace in August, survey data from IHS Markit showed on Tuesday.

The seasonally adjusted AIB factory Purchasing Managers' Index, or PMI, fell to 52.3 in August from a 23-month peak of 57.3 in July.

This was the second highest reading in sixteen months. Any reading above 50 indicates expansion in the sector.

New orders rose for the third straight month in August, with the rate of expansion being the second-strongest since March 2019.

Export orders also increased for the third month in a row in August, albeit at a softer pace. Manufacturing output grew for the third consecutive month, with the rate of expansion strongest in the survey history.

Production increased sharply than new works, resulting in the backlogs of work during the month.

Manufacturers remained confident over the next 12 months in August, with sentiment maintained for the fourth straight month. The further output index eased to the lowest in three months.

Employment level declined in August, with the rate of job shedding slower than registered in March and June.

Purchasing activity decreased in August and stocks of purchase fell at the second-fastest rate in nearly nine years.

Suppliers' delivery time lengthened in August, though demand for inputs declined.

Input prices increased in August, while price charged by manufacturers declined as old stocks were sold.

"The loss of momentum in August is not surprising given the pick-up in new coronavirus cases over the past month, both in Ireland and elsewhere, and the continuing very uncertain economic outlook," Oliver Mangan, AIB Chief Economist, said.

"Overall, the August PMI data show that the recovery in manufacturing activity is continuing, but firms remain very cautious amid heightened uncertainty about future demand and general business conditions," Mangan said.

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