Ireland: Services PMI rises to three-month high in November
Business conditions in the Irish service sector strengthened in November, reflected the AIB service Purchasing Managers’ Index (PMI) climbed to 53.7 from 50.6 in October. The index, thus, moved further above the critical 50-threshold that separates improvement from deterioration in business conditions, signaling an expansion in the services sector and marking a three-month high.
Firmer demand caused business activity to pick up and new order growth to quicken to a three-month high. Meanwhile, job creation accelerated at the fastest rate since June as firms hired more workers amid greater customer orders. On the price front, input cost inflation jumped to a six-month high due to higher fuel and insurance costs, as well as higher wage bills, which also prompted firms to raise output charges more swiftly. Lastly, business sentiment strengthened to a five-month high in November as service providers turned more optimistic on the outlook for the coming year.