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Financial News: Ireland Service Sector Continues To Contract In May

Ireland Service Sector Continues To Contract In May

06/04/2020 - 02:18:00 (RTTNews)

(RTTNews) - Ireland's service sector continued to contract in May due to the ongoing lockdown measures to control the spread of coronavirus, or Covid-19, survey data from IHS Markit showed on Thursday.

The services Purchasing Managers' Index rose to 23.4 in May from a record-low of 13.9 in April. A score below 50 indicates contraction in the sector. This was the second-lowest reading ever recorded.

New business received declined at a softer rate in May and new works decreased as demand dry up due to the Covid-19 pandemic.

The volume of outstanding business declined. Employment fell for the third straight month in May with the rate of job shedding easing slightly from April.

On the price front, deflationary pressures remained in May and input prices fell for the second straight month. Firms cut their own charges to bring in revenues, with the rate of reduction strongest since April 2013.

The 12-month outlook for activity remained weak in May and the overall degree of pessimism was softer.

Private sector output, covering manufacturing and services, continued to drop at historically marked pace in May. The composite output index rose to 25.7 in May from 17.3 in the previous month.

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