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Financial News: Ireland Manufacturing Sector Shrinks Further As Orders Fal

Ireland Manufacturing Sector Shrinks Further As Orders Fall Sharply

01/03/2023 - 03:14:00 (RTTNews)

(RTTNews) - Ireland's manufacturing activity deteriorated for the second straight month in December amid a steep fall in new orders, survey results from S&P Global showed on Tuesday.

The AIB Ireland manufacturing Purchasing Managers' Index remained unchanged at 48.7 in December. Any reading below 50.0 indicates a contraction in the sector.

The decline in the last two months of 2022 was not as severe as the downturn seen in the lockdown in March-May 2020, but stronger than registered on average during the second half of 2019.

New orders decreased for the seventh straight month in December. The rate of decline accelerated further to the strongest since May 2009, when excluding the lockdown in spring 2020.

Meanwhile, new export bookings declined at a softer rate in the current seven-month sequence of contraction.

Backlogs of orders declined in December and outstanding business fell for the eighth consecutive month, and at the fastest rate since June 2020.

Production deteriorated for the sixth time in seven months, while manufacturers expanded their workforce in December.

Input inventories increased for the twenty-first successive month and lead time lengthened to the smallest extent since February 2020.

Input price inflation continued to rise above the long-run average and the rate of inflation eased for the fifth straight month to the lowest in twenty-two months. Output price inflation remained historically higher and accelerated since November.

"In terms of the 12-month outlook, sentiment also improved, though it remains at a historically subdued level," Oliver Mangan, AIB Chief Economist, said.

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