Ireland: Services PMI increases in July
August 4, 2022
The S&P Global Services Purchasing Managers’ Index (PMI) came in at 56.3 in July, up from June's 55.6. Consequently, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in business conditions compared to the previous month.
July’s improvement came on the back of a broad-based improvement across all monitored sectors, with financial services recording the quickest expansion. Output and new orders rose, aided by stronger domestic and foreign demand. Moreover, higher workloads led to a strong increase in employment, which partially alleviated soaring pressures on capacity. On the price front, input costs rose amid higher prices for energy and materials. In response, firms hiked output prices at a series-high pace. Lastly, companies’ sentiment grew more optimistic due to expectations of higher demand and economic recovery following the removal of Covid-19 restrictions.