Ireland: Services PMI maintains solid pace of growth in November
December 3, 2014
The Investec Services Purchasing Managers’ Index (PMI) ticked up from 61.5 in October to 61.6 in November. The index has been above the 60.0 mark since March, well above the 50-threshold that indicates expansion in the services sector.
November’s positive result was driven by improving economic conditions and ongoing expansion in the new orders category, including both domestic and export businesses. Survey respondents noted that the increase in new business from abroad reflects stronger demand in key markets, particularly the US and UK. Moreover, businesses increased staffing levels at the fastest pace since 2006. In addition, the forward-looking component that measures expected levels of business activity in the coming 12 months improved to a nine-month-high.
According to the survey report, the result, “taken together with Monday’s Investec Manufacturing PMI Ireland report, is a reminder of the broad improvement in conditions across much of the Irish economy at this time.”
Author: Carl Kelly, Economist