Financial News: Ireland's Manufacturing Activity Returns To Expansion

Ireland's Manufacturing Activity Returns To Expansion

03/01/2023 - 04:33:00 (RTTNews)

(RTTNews) - Ireland's manufacturing sector turned to expansion territory in February, as new orders rose for the first time in nine months along with strong growth in staff numbers, the purchasing managers' survey data from S&P Global showed on Wednesday.

The S&P Global Russia Manufacturing Purchasing Managers' Index, or PMI, rose to 51.3 in February from 50.1 in January. A reading above 50 indicates expansion in the sector.

Further, the latest expansion in activity was the fastest in four months.

New orders increased for the first time since May last year, and the rate of expansion was the sharpest for a year.

Greater customer demand and reduced uncertainty drove the current renewed rise in new business. Meanwhile, new export orders fell marginally from January.

Production growth was also the steepest in one year and quicker than the series trend.

On the price front, cost burdens rose at a slower pace in February amid subdued demand for certain inputs. The rate of inflation was the weakest since August 2020. At the same time, selling prices continued to rise sharply.

Extended production requirements forced firms to increase workforce numbers and purchasing activity further in February.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Denmark Economic Sentiment Rises Further (10 sec(s) ago)
(RTTNews) - Denmark's economic sentiment rose for a third month in a row in March, figures fro ...Full Story»

U.S. Durable Goods Orders Unexpectedly Slump As Aircraft Demand Extends Nosedive (32 min(s), 10 sec(s) ago)
(RTTNews) - Reflecting a continued slump in orders for transportation equipment, the Commerce Depa ...Full Story»

Spain Q4 GDP Growth Unrevised At 0.2% (27 min(s), 10 sec(s) ago)
(RTTNews) - Spain's economy expanded at a stable pace as initially estimated in the final quar ...Full Story»

Czech Economic Sentiment Rises To 93.9, Highest In 7 Months (18 min(s), 10 sec(s) ago)
(RTTNews) - The Czech economic confidence index improved to its highest level in seven months, whi ...Full Story»

UK Private Sector Logs Strong Growth In March (10 sec(s) ago)
(RTTNews) - The UK private sector registered another increase in activity in March, reflecting rob ...Full Story»

U.S. Durable Goods Orders Unexpectedly Slump 1.0% In February (59 min(s), 10 sec(s) ago)
(RTTNews) - Reflecting a continued slump in orders for transportation equipment, the Commerce Depa ...Full Story»

Eurozone Services Activity Lifts Private Sector Growth To 10-Month High (05 min(s), 10 sec(s) ago)
(RTTNews) - Eurozone private sector logged the strongest growth in ten months in March underpinned ...Full Story»

Sweden Producer Price Inflation Eases On Lower Energy Costs (03 min(s), 10 sec(s) ago)
(RTTNews) - Sweden's producer price inflation eased for the third straight month in February t ...Full Story»