Financial News: Ireland's Manufacturing Downturn Deepens In April

Ireland's Manufacturing Downturn Deepens In April

05/02/2023 - 03:19:00 (RTTNews)

(RTTNews) - Ireland's manufacturing activity deteriorated further at a faster pace in April amid a sharper contraction in output and a sustained decline in new orders due to weak demand conditions, the purchasing managers' survey data from S&P Global showed on Tuesday.

The AIB Ireland manufacturing Purchasing Managers' Index , or PMI, dropped to 48.6 in April from 49.7 in March. Any reading below 50 indicates contraction in the sector.

Further, the latest contraction was the joint-strongest since a decade.

The production rate fell the fastest in five months, reflecting weaker demand conditions and, to a lesser extent, material shortages. Both domestic and foreign orders continued to decline in April.

As a result, firms reduced their purchasing activity for eight months in a row.

However, supply-side trends continued to improve in the second quarter of this year. Average lead times shortened to the greatest extent since August 2009.

On the price front, input prices fell for the first time since June 2020, largely led by moderations in raw material prices. Nonetheless, firms increased their selling prices again as they continued to pass on previous cost increases to their clients.

Looking ahead, goods producers remained upbeat about production in the next twelve months amid hopes for an eventual upturn in demand, with plans for new product development and production improvements.

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