Ireland: Services PMI remains high in January
February 4, 2015
The Investec Services Purchasing Managers’ Index (PMI) remained virtually unchanged in January, inching down from December’s record-high 62.60 to 62.50. The index has been above the 60.0 mark since March, well above the 50-threshold that indicates expansion in the services sector.
January’s reading reflects that a slight decrease in business confidence more than compensated for the fact that firms expect general economic conditions to improve and business activity to increase during 2015. While new orders grew at a slower pace than in December, new exports orders accelerated with the U.K. and the USA as main export destinations. In addition, outstanding work and employment as well as input and output prices all rose in January.
According to the survey report, the result suggests that, “[t]he opening month of 2015 saw growth momentum largely maintained in the Irish service sector. […] Panellists reported that improving client confidence led to the latest increase in new orders, thereby feeding through to growth in activity.”