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Financial News: Ireland Services Growth Slows In November

Ireland Services Growth Slows In November

12/03/2021 - 03:08:00 (RTTNews)

(RTTNews) - Ireland's service sector growth eased in November amid an increase in fresh coronavirus infections, survey data from IHS Markit showed on Friday.

The AIB Ireland services Purchasing Managers' Index fell to 59.3 in November from 63.4 in September. Any reading above 50.0 indicates expansion in the sector.

"The AIB Irish Services PMI for November showed the sector registering another strong increase in business activity, though the pace of growth moderated with the rise in new Covid case numbers," AIB Chief Economist Oliver Mangan said.

New business rose for the ninth month in a row in November, while growth eased for the third time in four months to the weakest since April.

New export business rose at the slowest pace since June and new work rose slowly in November.

Backlogs of work eased in November, but remained sharpest in the survey history. The overall rate of job creation eased to the lowest in six months.

The composite output index, covering manufacturing and services, decreased to 59.3 in November from 62.5 in the previous month.

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