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Financial News: Ireland Services Growth Slows In August

Ireland Services Growth Slows In August

09/03/2021 - 04:35:00 (RTTNews)

(RTTNews) - Ireland's service sector grew at a softer pace in August, survey data from IHS Markit showed on Friday.

The AIB Ireland services Purchasing Managers' Index fell to 63.7 in August from 66.6 in July.

This was the second-strongest reading since January 2016. Any reading above 50 indicates growth in the sector.

New business and incomplete workloads increased for the sixth straight month in August.

Employment rose for the sixth month in a row in August.

"New export orders continued to expand, with part of this attributed to opportunities arising from Brexit, as well as the lifting of restrictions in other countries," Oliver Mangan, AIB chief economist, said.

Input price inflation accelerated for the fourth consecutive month in August and output charges increased for the sixth straight month.

The 12-month outlook for business improved in August.

The composite output index, covering manufacturing and services, decreased to 62.6 in August from 65.0 in the previous month.

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