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Ireland PMI July 2020

Ireland: Services PMI climbs to positive territory in July

The AIB services sector Purchasing Managers’ Index (PMI) jumped from 39.7 in June to 51.9 in July, marking the strongest reading since February. As a result, the index climbing above the 50-threshold that separates expansion from contraction in business activity.

July’s upturn largely reflected a rebound in service sector activity, with the strongest expansion logged in the transport, tourism and leisure sector. Meanwhile, new work declined for the fifth consecutive month, albeit at a slower pace compared to the previous month. Moreover, although businesses continued to cut employment amid weakening demand and indications of spare capacity, the pace of job shedding was the softest in four months. On the price front, input costs increased in July due to higher labor and shipping costs, while output charges continued to fall amid firms’ efforts to boost sales following the easing of lockdown measures. Lastly, although the outlook for the year ahead was positive in July, sentiment remained historically subdued.

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