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Ireland PMI January 2022

Ireland: Services PMI rises to 10-month high in January

The IHS Markit Services Purchasing Managers’ Index (PMI) rose to 56.2 in January from December’s 55.4. As a result, the index moved further above the 50 no-change threshold, signaling a faster improvement in business conditions compared to the previous month.

The stronger figure came as activity and new work growth improved from nine-month lows in December. The transport, tourism and leisure sector rebounded, thanks to the removal of most Covid-19 curbs in the month, as fears regarding Omicron’s public health impact eased. That said, while overall and domestic demand improved, international new business grew at the lowest rate in 11 months. In a testament to ongoing supply bottlenecks and Covid-19-induced staff absences, both backlogs and input prices continued to increase rapidly. Nonetheless, firms continued to see growth prospects in 2022 as favorable, with sentiment reaching the highest level since May 2021.

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