Ireland: Services PMI moderates but remains high in February
March 4, 2015
The Investec Services Purchasing Managers’ Index (PMI) inched down from January’s 62.5 to 61.4 in February. Even though this marks the lowest level in seven months, the index remains quite high. The index has been above the 60.0 mark since March, well above the 50-threshold that indicates expansion in the services sector.
February’s moderation mainly reflected that the rate of growth in new export orders and outstanding business slowed. Conversely, business sentiment improved and growth in new business continued to strengthen. Moreover, employment grew yet again. Input and output prices both rose in February.
According to the survey report, the result suggests that, “[n]otwithstanding the softening of a number of the indices within the PMI survey, Irish services firms remain upbeat about their future prospects, with the forward looking Confidence index improving to a three month high in February. Once again it stands close to the 10 year high that was posted in February 2014, with three-fifths of panellists expecting to see an increase in activity over the coming year and fewer than one in twenty expecting to see a decrease.”