Financial News: Ireland Services Growth Strongest In 11 Months

Ireland Services Growth Strongest In 11 Months

05/04/2023 - 02:58:00 (RTTNews)

(RTTNews) - Ireland's service sector activity expanded at the fastest pace in nearly a year in April on the back of a further improvement in demand, survey data from S&P Global showed Thursday.

The AIB services Purchasing Managers' Index rose to 58.4 in April from 55.7 in March. A score above 50 indicates expansion in the sector.

New orders grew at the quickest pace in a year, including new export business, reflecting strong demand conditions, both at home and abroad.

The level of employment in the Irish service economy increased further, and the rate of job creation quickened to a 6-month high.

On the price front, input costs continued to increase sharply in April, linked to higher labor costs. As a result, service providers raised their selling prices at a historically steep pace.

The composite output index also rose to 53.5 in April from 52.8 in March. The service sector was the sole driver of the wider upturn as manufacturing production contracted at the sharpest rate since November last year.

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