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Ireland PMI July 2023

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

The AIB 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 private-sector operating conditions from the previous month.

The Manufacturing PMI fell further in July to 47.0, from 47.3 in June. The deterioration came as output fell at one of the sharpest rates on record and new orders declined at the quickest pace so far this year. Meanwhile, the Services PMI also declined, but only marginally and remained elevated at 56.7 (June: 56.8). 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.

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