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Financial News: Ireland Services Growth Slowest Since March 2021

Ireland Services Growth Slowest Since March 2021

02/06/2024 - 01:46:00 (RTTNews)

(RTTNews) - Ireland's service sector activity expanded at the weakest pace in nearly three years in January amid a slower increase in new orders, survey data from S&P Global showed Tuesday.

The AIB Services Purchasing Managers' Index dropped to 50.5 in January from 53.2 in December.

However, a score above 50 indicates expansion in the sector. Further, the latest rate of increase was the weakest since the current sequence of growth began in March 2021.

Among the four monitored sub-sectors, financial services posted the fastest growth, ahead of technology, media, and telecoms, which posted the slowest expansion for a year and a-half.

New orders continued to increase in January, though the pace of growth eased further and was among the weakest in nearly three years.

Irish service providers further expanded their workforce numbers in January, and the rate of job creation rose from December's 34-month low.

On the price front, both input prices and charges for services rose at the fastest rates since last June. The overall price pressure was largely attributed to higher labour costs, especially in financial services.

The composite output index fell to 50.7 in January from 51.5 in December, indicating that Irish private sector output grew for the third straight month.

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