Financial News: Irish Services Growth Quikens In May

Irish Services Growth Quikens In May

06/06/2024 - 03:24:00 (RTTNews)

(RTTNews) - The pace of growth accelerated in the Irish service sector in May amid a sharp and faster rise in new business, survey data from S&P Global showed Thursday.

The AIB Services Purchasing Managers' Index rose to 55.0 in May from 53.3 in April. A score above 50 indicates expansion in the sector.

Among the four sub-sectors, technology, media, and telecoms were the strongest-growing segments. Financial services continued to expand sharply. Business services posted a relatively modest increase in activity, while growth nearly stalled in transport, tourism, and leisure.

The growth in new business accelerated in May, extending the current growth sequence that began in March 2021. Meanwhile, new export business growth eased to a three-month low.

Firms increased their staffing numbers in May, and the rate of job creation quickened to a three-month high. Hiring growth was more evident in the transport, tourism, and leisure segments.

On the price front, cost pressures intensified in May amid higher charges for wages and fuel. Nonetheless, the charge inflation eased to a 5-month low.

The composite output index climbed to 52.5 in May from 50.4 in the previous month, signaling a further accelerated expansion in the Irish private sector.

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