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Ireland PMI November 2021

Ireland: Services PMI records worst reading since April in November

The IHS Markit Services Purchasing Managers’ Index (PMI) came in at 59.3 in November, down from October’s 63.4. November’s result marked the worst reading since April. As such, the index remained entrenched above the 50-threshold, signaling a continued improvement in business conditions from the previous month.

The weaker figure came as activity growth hit a seven-month low, albeit nonetheless remaining elevated. There was growth in all sectors, with the technology, media and telecoms sector recording the largest expansion. Activity was likely dented by rising Covid-19 cases and labor shortages in the month, with new business and employment growth also waning. In a testament to ongoing supply bottlenecks, both backlogs and input price growth was elevated, despite easing somewhat from October. Meanwhile, business expectations were the weakest since March.

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