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Financial News: Ireland Manufacturing Sector Improves In October

Ireland Manufacturing Sector Improves In October

11/02/2020 - 03:29:00 (RTTNews)

(RTTNews) - Ireland's manufacturing sector improved slightly in October, survey data from IHS Markit showed on Monday.

The seasonally adjusted AIB factory Purchasing Managers' Index, or PMI, rose to 50.3 in October from 50.0 in September.

Any reading above 50.0 indicates expansion in the sector.

Demand conditions continued to weaken in October with new orders declining for the second straight month. New export orders fell for the second month in a row.

Output remained broadly unchanged in October and backlogs of work declined for the twenty-fifth time in past 26 months.

Purchasing activity decreased in October and the level of input held in stock declined at the fastest pace since November 2011.

Suppliers' delivery time lengthened in October and employment increased.

Firms remained positives on the 12-month outlook, though the level of confidence continued to fall.

Input prices rose for the fourth straight month in October, albeit at a weaker rate, and firms raised their own prices for second time in past eight months.

"It is noteworthy that the Irish PMI reading for manufacturing in October continued to lag behind elsewhere in Europe and the US, which have enjoyed a stronger and more sustained rebound in activity post the Covid lockdown implemented earlier in the year," AIB Chief Economist Oliver Mangan said.

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