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The manufacturing sector of the Irish economy enjoyed improved growth last month, according to survey results released on Wednesday, driven by growth in order books and rising employment.
The AIB Ireland purchasing managers’ index rose to 51.3 points in February from 50.1 in January, remaining for a second month in the 50-plus territory indicating expansion. The manufacturing PMI had read 48.7 points in both December and November.
Index compilers S&P Global noted that inflation pressures continued to cool, as input price and output charge inflation eased to 26- and 23- month lows.
‘A key factor behind the improvement in Irish manufacturing was the first rise in new orders since last May, albeit a modest one and amid continuing weakness in exports orders,’ commented AIB Chief Economist Oliver Mangan.
‘Output also stabilised, having contracted in eight of the previous nine months. Increasing order books helped employment expand for a third consecutive month and at the quickest pace since last June.’
The PMI is compiled by S&P Global from surveys sent to a panel of about 250 Irish manufacturers. The responses are collected in the second half of each month.
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