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Manufacturing growth falls in September

Growth in the Irish manufacturing sector fell slightly in September.

The Irish Manufacturing Purchasers Managers’ Index (PMI) recorded a reading of 56.3 for the month, down from the seven month high of 57.5 reported in August.

Any reading over 50 is deemed growth.

Overall, and the manufacturing sector continued to perform strongly in September, according to the report from IHS Markit.
New orders and output rose sharply again, while firms responded by upping their rate of job creation, with employment in the sector increasing at the fastest pace in seven months.

The rate of input cost inflation remained elevated, encouraging manufacturers to continue raising output prices.

New export business also increased, and at a broadly similar pace to the previous month.

Looking forward and firms remained confident that output will increase over the coming year. Optimism reflected predictions of higher new orders, the launch of new products and higher operating capacity.

“The Irish manufacturing sector continued to buck the recent trend of weakening growth seen in the eurozone, with manufacturing output rising sharply again in September,” Andrew Harker, associate director at IHS Markit, said.

“The main highlight from the latest PMI survey is a sharp pick-up in the rate of job creation, with employment increasing at the fastest pace in seven months as firms responded to higher workloads and looked to expand capacity.”

Article Source: http://tinyurl.com/kbwqb42

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