Ireland: Manufacturing PMI edges up in June
July 1, 2014
The manufacturing Purchasing Managers’ Index (PMI) edged up from 55.0 points in May to 55.3 points in June according to the release provided by Investec. The index has remained above the 50-point threshold that indicates expansion in the manufacturing sector since May 2013.
New orders, driven by improving domestic economic conditions and stronger export markets, accelerated in June at the fastest pace since February 2011. Production recorded the thirteenth consecutive positive result, although growth did slow in June. Stocks of finished goods decreased at a solid pace as inventories were used to meet orders. Meanwhile, manufacturers increased their purchasing activity for a fifth consecutive month amid stronger client demand. In addition, employment among manufacturers continued on a positive streak. According to the survey report, June’s reading signals, “a period of robust growth for the sector. Given the improving economic conditions at home and abroad, and manufacturers’ own confidence, the outlook for the rest of the year looks bright.”
Author: Carl Kelly, Economist