Ireland: Irish Manufacturing PMI rises to eight-month high in November
December 1, 2016
The Investec Manufacturing Purchasing Managers’ Index (PMI) edged up from 52.1 in October to 53.7 in November, taking it further above the 50-threshold that separates expansion from contraction in the manufacturing sector, where it has been for 42 consecutive months.
November’s print reflected sharper increases in output, new orders and employment. Output rose on the back of higher new orders. New business rose for the fourth month running, achieving the fastest increase in eight months owing to higher overseas demand. Backlogs of work increased for two months running and logged the sharpest expansion since the series began in 2002. Irish manufacturing firms increased their staffing levels in response to increased demand. Regarding price developments, both input costs and output prices rose.
The survey report stated, “the real highlight was a marked improvement in the New Export Orders component, with panelists reporting increased demand from customers in Asia, Europe and the US.”