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Financial News: Ireland Services Growth Slows In June

Ireland Services Growth Slows In June

07/05/2022 - 05:37:00 (RTTNews)

(RTTNews) - Ireland's service sector increased at a softer pace in June, as activity and new business growth eased and business expectations dropped due to inflation concerns and the war in Ukraine, survey data from S&P Global showed on Tuesday.

The AIB Ireland services Purchasing Managers' Index fell to 55.6 in June from 60.2 in May.

The reading eased to the weakest since December. Any reading above 50.0 indicates expansion in the sector.

New business increased for the sixteenth month in a row in June, but at the weakest rate since January. Outstanding business rose in three months.

Inflationary pressures continued to rise in June. Both the input prices and output costs increased at the fourth fastest rates on record.

The 12-month outlook for business activity were less optimistic in June and the expectations were the weakest since October 2020.

Employment increased at the strongest pace in June, though the pace of increase was the slowest in five months.

The composite output index, covering manufacturing and services, fell to 52.8 in June from 57.5 in the previous month. This was the slowest rate of expansion in business activity in the current 16-month sequence of growth, the report said.

Further, the private sector growth slowed for the first time since the start of 2018.

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