Ireland: Composite PMI records worst reading since December 2022 in May
The S&P Global Composite Purchasing Managers’ Index (PMI) came in at 51.9 in May, down from April’s 53.5. May’s result marked the worst performance since December 2022. 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 May to 47.5, from 48.6 in April. The deterioration came as output fell the most since February 2021 and new orders declined for the third successive month. In contrast, while the Services PMI also declined, it remained elevated at 57.0 (April: 58.4). Activity and new orders in the sector continued to grow at fast rates. Meanwhile, firms in both sectors continued to add to their labor forces. Looking at prices, input and output inflation slowed in both sectors. Finally, business sentiment remained optimistic in both sectors.