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Ireland PMI September 2022

Ireland: Services PMI decreases in September

The AIB Services Purchasing Managers’ Index (PMI) came in at 54.1 in September, down from August’s 54.7. September’s result marked the weakest reading since February 2021. As a result, the index remained above the 50.0 no-change mark, pointing to a moderating improvement in services sector operating conditions from the previous month.

September’s decline—the fifth in six months, leading the PMI to fall further below its long-run average—came as demand continued to weaken amid the cost of living crisis. For the first time this year, a subsector—the transport, tourism and leisure industry—fell below the 50.0 threshold. The technology, media and telecoms sector also grew at a slower pace. More positively, reduced demand, along with continued hiring, appeared to relax supply constraints and thus price pressures, with input inflation remaining near August’s six-month low. However, price pressures remained elevated. In conjunction with rising fears of a recession, this led business confidence to weaken.

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