Ireland: Composite PMI declines in June
The S&P Global Composite Purchasing Managers’ Index (PMI) came in at 51.4 in June, down from May’s 51.9. Consequently, the index approached the 50.0 no-change threshold, pointing to a softer improvement in private sector operating conditions from the previous month.
The Manufacturing PMI fell further in June to 47.3, from 47.5 in May. The deterioration came as output fell the most since February 2021 and new orders declined for the fourth successive month. Moreover, the Services PMI also declined, although it remained elevated at 56.8 (May: 57.0). Activity and new orders in the sector continued to grow at sustained rates. Meanwhile, firms in both sectors continued to add to their labor forces. Looking at prices, output prices fell in the manufacturing sector while they continued to increase in the services sector. Finally, business sentiment remained optimistic in both sectors.