Ireland: Services PMI falls in May
June 3, 2022
The IHS Markit Services Purchasing Managers’ Index (PMI) came in at 60.2 in May, down from April's 61.7. 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, as the sector provides predominantly in-person services. This in turn also boosted job creation in the services sector, which rose at the fastest rate in 10 months. That said, near-record input and output inflation dampened activity, keeping business sentiment below the level it had been at before Russia’s invasion of Ukraine.