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Ireland PMI July 2022

Ireland: Manufacturing PMI records worst reading since January 2021 in July

The AIB Manufacturing Purchasing Managers’ Index (PMI) fell to 51.8 in July from June’s 53.1. July’s result marked the worst performance since January 2021. As such, the index remained above the 50.0 no-change mark, pointing to a softer improvement in business conditions from the previous month.

The headline moderation was driven by faster declines in new orders and output. Higher costs affected domestic and foreign demand. At the same time, producers reduced their purchasing activity for the first time since February 2021. More positively, firms hired additional staff and remained optimistic about the outlook.

AIB’s Oliver Mangan commented on price pressures:

“Inflationary pressures remain pronounced, with prices rising at close to their fastest pace since the survey began in 1998. There were further marked increases in material, energy and labor costs, while the rate of output price inflation remained elevated.”

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