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Ireland PMI July 2023

Ireland: Composite PMI records worst reading since November 2022 in July

The S&P Global Composite Purchasing Managers’ Index (PMI) came in at 50.0 in July, down from June’s 51.4. July’s result marked the worst performance since November 2022. Consequently, the index lies at the 50.0 no-change threshold, signaling no change in business conditions in private sector operating conditions from the previous month.

The Manufacturing PMI rose to 50.8 in August, from 47.0 in July. The improvement came as output fell less and new orders returned to growth. Meanwhile, the Services PMI declined, but remained elevated at 55.0 (July: 56.7). 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, input and output inflation fell in both sectors. Finally, business sentiment remained optimistic in both sectors.

AIB’s Oliver Mangan said:

“[The August data] points to continued strong growth in business activity in the Irish services sector, in marked contrast to some of the major advanced economies.”

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