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Ireland PMI June 2022

Ireland: Services PMI falls to lowest level this year in June

The S&P Global Services Purchasing Managers’ Index (PMI) fell to 55.6 in June from May’s 60.2. June’s result marked the worst reading since December 2021. Consequently, the index moved closer to the 50.0 no-change threshold, signaling a more moderate month-on-month improvement in business conditions.

June’s print meant that the services PMI has declined in every month of Q2, signaling a moderation in GDP growth that quarter. Rising prices—with the CPI increasing at the fastest pace since 1984 in June—and geopolitical uncertainty dragged on the services sector. Adding to the greyer economic outlook, employment growth softened to a five-month low. Firms’ outlook for output 12 months ahead fell to the lowest since October 2020.

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