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Financial News: Ireland Service Sector Expands At Faster Pace

Ireland Service Sector Expands At Faster Pace

12/03/2019 - 23:18:00 (RTTNews)

(RTTNews) - Ireland's service sector growth recovered in November from October's 87-month low, survey data from IHS Markit showed Wednesday.

The AIB services Purchasing Managers' Index advanced to 53.7 in November from 50.6 in October. A score above 50 indicates expansion.

The sector ended a five-month sequence of slower increases in output. All four sectors of services registered growth in November.

New orders grew at the fastest pace in three months. Driven by demand from the UK, US and Latin America, export orders increased the most since June. Further, the rate of job creation was solid and the fastest since June.

On price front, input price inflation was the fastest in six months due to higher fuel and insurance costs. Service providers raised their output charges in line with the pick-up in input cost.

Looking forward, business confidence improved to a five-month high in November.

The composite output index came in at 52.0 in November versus 50.6 in October. The score signaled the fastest expansion since June.

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