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Financial News: Ireland Manufacturing Sector Stagnates In September

Ireland Manufacturing Sector Stagnates In September

10/01/2020 - 01:56:00 (RTTNews)

(RTTNews) - Ireland's manufacturing sector stagnated in September, survey data from IHS Markit showed on Thursday.

The seasonally adjusted AIB factory Purchasing Managers' Index, or PMI, fell to 50.0 in September from 52.3 in August.

Any reading showing 50.0 indicates no change in the sector.

In the third quarter, the manufacturing PMI was 53.2. This was the highest since the first quarter of 2019, when the reading was 53.2.

New orders and output deteriorated in September, while employment and stocks of purchases remained in contraction.

Suppliers' delivery times lengthened in September.

The volume of new work declined in September and firms reported weak demand due to the coronavirus pandemic and Brexit.

New export orders declined for the first time in four months in September and backlogs of work fell at a faster rate.

The number of workforce were reduced for the ninth time in eleven months in September, due to weaker sales, cost cutting, non-replacement of leavers and students returning to education.

Purchasing of new inputs were reduced in September, resulting in sharp fall in stocks of raw material.

Input cost inflation was the strongest since April 2019 and output prices declined in September.

The 12-month outlook remained positive in September, though it was the lowest in four months.

"The main factor behind this, which is clear from the survey data, is weakening demand as a result of the second wave to Covid-19 and associated increased restrictions on activity," Oliver Mangan, AIB chief economist, said.

"Brexit and the stalled UK-EU trade talks are also cited as another source of growing uncertainty," Mangan added.

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