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Ireland's service sector continued to lose momentum in October, S&P Global said on Thursday, amid slowing growth in demand, though its survey of purchasing managers in the sector offered a hint that cost pressures are starting to ease.
The AIB Ireland services purchasing managers' index registering 53.2 points last month, down from 54.1 in September.
"Businesses across all four sub-sectors continued to experience strong upward pressure on input costs, especially energy prices and wages. These continued to be passed on to customers in the form of higher prices," said AIB Chief Economist Oliver Mangan. "However, the rate of increase in both input prices and prices charged, while still elevated, did ease in October and are off their peak levels seen earlier in the year."
The services PMI is compiled by S&P Global from responses to questionnaires sent to a panel of 400 service sector companies in Ireland. The responses were collected from October 12 to 26.
The composite PMI edged down to 52.1 points in October from 52.2 in September. On Tuesday, S&P Global had reported the manufacturing score at 51.4 points, down from 51.5 in September.
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