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.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Indonesia GDP Growth Slows Marginally (18 min(s), 30 sec(s) ago)
(RTTNews) - Indonesia's economic growth eased in the third quarter on softening household cons ...Full Story»

Ireland Service Sector Growth Softens (02 hr(s), 52 min(s), 30 sec(s) ago)
(RTTNews) - Ireland's services sector growth softened in October from a six-month high on slow ...Full Story»

Australia Holds Interest Rate At 13-Year High (03 hr(s), 23 min(s), 30 sec(s) ago)
(RTTNews) - Australia central bank maintained its interest rate for the eighth straight session at ...Full Story»

European Economic News Preview: UK Final Services PMI Data Due (04 hr(s), 11 min(s), 30 sec(s) ago)
(RTTNews) - Final services Purchasing Managers' survey from the UK and unemployment from Spain ...Full Story»

South Korea Inflation Unchanged On Month In October (03 min(s), 30 sec(s) ago)
(RTTNews) - Consumer prices in South Korea were flat on a seasonally adjusted monthly basis in Oct ...Full Story»

China Services PMI Improves To 52.0 In October - Caixin (30 sec(s) ago)
(RTTNews) - The services sector in China continued to expand in October, and at a faster rate, the ...Full Story»

Australia Services Sector Accelerates In October - Judo Bank (58 min(s), 30 sec(s) ago)
(RTTNews) - The services sector in Australia continued to expand in October, and at a faster rate, ...Full Story»

Singapore Private Sector Ebbs In October - S&P Global (55 min(s), 30 sec(s) ago)
(RTTNews) - The private sector in Singapore continued to expand in October, albeit at a slower rat ...Full Story»