Financial News: Ireland Service Sector Growth Weakens In June

Ireland Service Sector Growth Weakens In June

07/03/2024 - 02:16:00 (RTTNews)

(RTTNews) - Ireland's service sector growth softened in June as new business grew at the slowest pace since January and input prices climbed at the slowest rate since February 2021, survey results from S&P Global showed on Wednesday.

The AIB Irish Services Purchasing Managers' Index fell to 54.2 in June from 55.0 in the previous month. A score above 50.0 indicates expansion.

The current expansionary sequence was extended to three years and four months. Demand for services continued to increase in June but the rate of growth was the weakest since January.

Despite slower growth in new business, the level of incomplete work continued to increase. Services employment growth was the weakest in the current 40-month sequence of job creation.

On the price front, input price inflation slowed to the weakest since February 2021. Likewise, charges rose at the second-slowest pace in over three years.

Confidence among service providers was the weakest since April 2023.

Further, the survey showed that the composite output index fell to 50.1 in June from 52.5 in May. The stagnation in growth reflected a slower rise in services activity and a faster decrease in manufacturing production.

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