Manufacturing growth slows
Growth in Ireland's manufacturing sector slowed in January, with new orders contracting.
Ireland’s manufacturing sector continued to grow in January, but at the slowest pace in nine months, a new survey said today.
The NCB Republic of Ireland Manufacturing PMI, which provides a single-figure measure of the health of the manufacturing industry, recorded 50.3 in January, just marginally above the 50 mark that separates expansion from contraction. That compares with a reading of 51.4 in December.
The survey noted output remains in positive territory, and at 51.5 was slightly ahead of December’s 51.2 reading.
New export orders grew for a fourth successive month, at 50.9, but overall new orders shrank at 49.5, as weakening client demand snapped a run of growth that had lasted for 11 months.
The employment category also turned negative, contracting to 49.6 after growing for 10 months in a row.
Companies also felt the pressure of falling output prices again, falling for a second time in three months as input prices continued to edge higher.
“Tying it all together, while the headline PMI reading, at 50.3, points to an 11th successive month of growth, today's release points to a sluggish start to 2013 for the manufacturing sector,” said NCB chief economist Philip O'Sullivan.