Ireland: Composite PMI deteriorates in March
The S&P Global Composite Purchasing Managers’ Index (PMI) fell to 52.8 in March from February’s 54.5. As a result, the index remained above the 50.0 no-change mark, pointing to a continued, albeit moderating, improvement in private sector operating conditions from the previous month.
In March, the manufacturing PMI fell to 49.7 from 51.3 and the services PMI to 55.7 from 58.2. The deterioration in the manufacturing sector came as output and new orders declined. The deterioration in the services sector came as output and new orders rose at a weaker rate. Meanwhile, firms in both sectors continued to add to their labor forces. Business activity was likely knocked by lower consumer confidence. Looking at prices, across both sectors as a whole, input and output inflation fell to the lowest in 25 and 23 months, respectively. Finally, business sentiment was broadly stable in the manufacturing sector but fell in the services sector.