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Financial News: Ireland Services Growth Slows In April

Ireland Services Growth Slows In April

05/05/2022 - 02:42:00 (RTTNews)

(RTTNews) - Ireland's service sector growth remained strong, but increased at a softer pace in April, as activity and morale were damped by inflation concerns and the war in Ukraine, survey data from IHS Markit showed on Wednesday.

The AIB Ireland services Purchasing Managers' Index fell to 61.7 in April from 63.4 in March.

The reading eased for the first time this year. Any reading above 50.0 indicates expansion in the sector.

"It was the third consecutive month that the index has been above 60 as the recovery in services activity continued to gain momentum following the lifting of COVID restrictions earlier in the year," Oliver Mangan, AIB chief economist, said.

New business inflow and international demand increased sharply in April.

The number of staffing rose further in April, but the rate of job creation eased for the first time in four months. Outstanding work grew at a slower pace compared to the previous two months.

Input price inflation slowed, but was the second-fastest rate on record, in April mainly due to the war in Ukraine and Brexit. Consequently, prices charged grew at a record pace.

Confidence weakened in April due to the ongoing war in Ukraine and inflation concerns. That said, expectations for activity picked up slightly modestly.

The composite output index, covering manufacturing and services, fell to 59.6 from March's five month high of 61.0.

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