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Financial News: Ireland Services Sector Growth Eases Notably In October

Ireland Services Sector Growth Eases Notably In October

11/05/2019 - 01:05:00 (RTTNews)

(RTTNews) - Ireland's services activity grew at the slowest pace in eighty seven months in October, survey data from IHS Markit showed on Tuesday.

The AIB services Purchasing Managers' Index fell to 50.6 in October from 53.1 in September. This was the weakest growth since August 2012. However, a reading above 50 indicates expansion in the sector.

New order growth also eased to the lowest in eighty-seven months sequence of expansion.

Among the four monitored sub-sectors, business activity increased sharply in business services, whilst transport and leisure companies fell slightly in October.

Employment continued to increase in October at the quickest pace in four months. The rate of backlog of work was moderate and the softest seen in over six years.

On the price front, the rate of input cost inflation dipped slightly in October, and the rate of output cost inflation softened to the lowest in three months.

Business confidence grew to the highest in three months in October after falling to almost eight year low in September.

The survey showed that private sector growth slowed to an eighty nine month low in October as the composite output index fell to 50.6 in October from 51.0 in the previous month.

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