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Financial News: Ireland Service Sector Rises In August

Ireland Service Sector Rises In August

09/03/2020 - 04:59:00 (RTTNews)

(RTTNews) - Ireland's service sector expanded in August, survey data from IHS Markit showed on Thursday.

The AIB Ireland services Purchasing Managers' Index rose to 52.4 in August from 51.9 in July. Any score above 50 indicates expansion in the sector.

New business rose for the first time since February and the volume of incomplete work fell for the sixth straight month.

Employment declined further in August, with the rate of job shedding easing for the fourth month in a row.

Cost pressures increased in August, with input prices rising for the second straight month. The rate of inflation remained below the average of long-run survey. Selling price fell for the sixth consecutive month.

The 12-month outlook for services remained positive in August, though the confidence eased for the second month in a row.

Private sector output, covering manufacturing and services, decreased in August. The composite output index fell to 54.0 in August from 55.9 in the previous month.

"This signals a continuing recovery in business activity following the severe downturn in the sector during the Covid-19 related lockdown over the March-June period," Oliver Mangan, AIB Chief Economist, said.

"However, it is a very tentative recovery in activity," Mangan.

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