Services growth at five year high
Ireland's services sector grew at its fastest pace in five years in November, maintaining the rapid rate of growth it hit a month earlier, a survey showed today.
The NCB Purchasing Managers' Index (PMI), which measures activity in the services sector, was unchanged at 56.1 in November, staying at its highest level since late 2007.
"Companies in the services sector are upbeat about their prospects," said Philip O'Sullivan, chief economist at NCB Stockbrokers. "We described the results of October's release as an impressive performance given the broader economic backdrop. With the overall picture little changed since then, we would echo that description."
The figures are the fourth consecutive month the services sector, which accounts for roughly 60 per cent of the Irish economy, has posted numbers over the 50 mark that separates growth from contraction.
A separate survey on Monday showed that Irish manufacturing activity grew for the ninth straight month in November, and at the fastest pace since July.
The rate of job creation in the service sector also rose for the second month, the sharpest increase since August 2007, with the sub-index measuring the level companies increase staffing levels by rising to 54.0 in November from 53.4 in October.