Financial News: Ireland Service Sector Growth Softens

Ireland Service Sector Growth Softens

11/05/2024 - 01:30:00 (RTTNews)

(RTTNews) - Ireland's services sector growth softened in October from a six-month high on slowing output growth, data released by S&P Global showed on Tuesday.

The AIB Ireland Services Purchasing Managers' Index fell to 53.8 in October from 55.7 in September.

Although the index has remained fractionally below the average, it was above the neutral 50.0 mark.

Data showed a slowdown in output growth in October. However, total new work increased at a faster pace than in the prior month due to higher consumer spending. Moreover, business from abroad grew at an accelerated pace in October.

Employment growth was recorded in each month since March 2021 but the rate of job creation was the second-lowest seen over this period.

Driven by rising demand and softer employment growth, there was an increase in unfinished work.

On the price front, the survey showed that input price inflation rose from the 43-month low seen in September. At the same time, prices charged by service sector firms increased at the strongest rate in three months.

Finally, expectations for the year ahead remained upbeat in October. Resilient demand conditions and a supportive economic backdrop should help boost business activity over the coming year. The AIB composite output index posted 52.6 in October, up from 52.1 in September. The index has remained above the 50.0 no-change value for the twelfth straight month.

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