Ireland: Manufacturing PMI eases in October
November 1, 2022
The AIB Manufacturing Purchasing Managers' Index (PMI) fell to 51.4 in October from September's 51.5. As a result, the index remained above the 50.0 no-change mark, pointing to a continued, albeit moderating, improvement in manufacturing sector operating conditions from the previous month.
The PMI remained broadly stable in October. Output rebounded for the first time in five months, and new orders declined for the fifth successive month—albeit at a weaker rate. Meanwhile, employment growth remained solid. However, input inventories and delivery times expanded at weaker rates. In addition, perhaps more concerningly, export orders dropped at the fastest pace since June, likely due to elevated global inflation. Looking at firms’ costs and charges, both input and output inflation remained elevated in October. Meanwhile, business sentiment ticked up to a seven-month high but remained below its long-run average.