Ireland: Manufacturing PMI rises in October
The IHS Markit Manufacturing Purchasing Managers’ Index (PMI) rose to 62.1 in October from September’s 60.3. As such, the index remained entrenched above the 50-threshold and signaled a stronger improvement in business conditions from the previous month. October marked the seventh consecutive month of a 60+ reading, with the country having never previously breached that threshold.
The stronger reading was thanks to an acceleration of output growth as firms raced to cut down their backlogs, and a record lengthening of delivery times. Meanwhile, new orders growth slowed, while inventory purchases growth was rapid. Employment growth was steady from last month, and input and output inflation soared to record highs amid rising demand and supply chain pressures. Firms’ output expectations remained positive.