Ireland: Services PMI declines in April but remains above long-run average
The S&P Global Services Purchasing Managers’ Index (PMI) came in at 61.7 in April, down from March’s 63.4. As a result, the index moved closer to the 50.0 no-change threshold, signaling a slower improvement in business conditions compared to the previous month. That said, it remained comfortably above its long-run average of 55.1.
The services sector continued to benefit from the end of Covid-19 restrictions. Loosened measures supported the transport, tourism and leisure sector especially, coming as no surprise given that the sector provides in-person services. This in turn also boosted job creation, which remained far above its long-run average. That said, business sentiment was the second weakest since January 2021, largely because of record inflation and the war in Ukraine.