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Financial News: Ireland Service Sector Growth Loses Momentum

Ireland Service Sector Growth Loses Momentum

11/03/2022 - 03:13:00 (RTTNews)

(RTTNews) - Ireland's service sector growth continued to lose momentum at the start of the fourth quarter, survey data published by S&P Global showed on Thursday.

The AIB services Purchasing Managers' Index declined to 53.2 in October from 54.1 in September. A reading above 50.0 indicates expansion.

However, this was the lowest over the current sequence of expansion and also below the long-run trend level of 55.1 for the third straight month.

Service providers reported a rise in inflows of new business in October on new clients and new products and services. Inflows of new business continued to raise the level of incomplete work.

Employment increased again in October. Further, the twelve-month outlook for business activity rebounded from September's 23-month low to the highest since July.

The rate of input price inflation faced by service providers eased to a nine-month low in October. Similarly, output price inflation eased since September but was still the seventh highest on record.

The composite output index registered 52.1 in October, little-changed from September's 52.2. Activity has risen continuously since March 2021, but since June the rate of expansion has remained below the long-run average.

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