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Financial News: Ireland Manufacturing Sector Moves Closer To Stabilization

Ireland Manufacturing Sector Moves Closer To Stabilization

06/04/2024 - 06:50:00 (RTTNews)

(RTTNews) - Ireland's manufacturing sector moved closer to stabilization in May on softer contractions in output and new work, survey results from S&P Global showed on Tuesday.

The headline AIB manufacturing Purchasing Managers' Index posted 49.8 in May, up from April's nine-month low of 47.6.

The reading signaled that the manufacturing sector worsened only fractionally and at the softest pace in the current sequence of decline.

Manufacturers reported sluggish economic conditions and demand from domestic and foreign customers remained weak. The downturn in new orders fell at a moderate pace. Consequently, production dropped only marginally and at the slowest pace in the current three-month sequence of decline.

Purchasing activity dropped at a softer pace and inventories were depleted at reduced rates. Suppliers' delivery time for inputs shortened for the second time in the last three months.

Regarding prices, the survey showed that cost burdens increased moderately due to higher raw material and transportation costs. By contrast, output charge inflation softened to a four-month low.

Manufacturers registered a fresh increase in workforce numbers. Job creation was the strongest since September last year.

Finally, companies were optimistic about the outlook for output as they plan to expand their business operations and introduce new products.

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