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Ireland’s manufacturing sector declined at a slower pace in May as employment returned to growth, data from S&P Global showed Tuesday.
The seasonally adjusted AIB Ireland manufacturing purchasing managers’ index edged up to 49.8 points in May from 47.6 in April. Getting closer to the 50-point mark separating growth from contraction, the score indicates a nearly steady-state situation.
‘Irish manufacturers continued to report sluggish economic conditions, with goods producers often commenting on subdued demand from domestic and international customers. Nonetheless, the latest survey data signalled an easing downturn as incoming new orders fell at a moderated pace.’
S&P Global noted that the moderated downturn in output supported a softer decline in purchasing activity.
David McNamara, AIB chief economist, said: ‘Despite the current challenges in the sector, firms accelerated hiring activity, with the employment index rising to an eight-month high in May. This reflected still optimistic expectations for activity levels over the next 12 months.’
The PMI is compiled by S&P Global from responses to questionnaires sent to purchasing managers in a panel of around 250 manufacturers. The responses were collected between May 10 and 24.
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