Irish manufacturing contracted for the fourth consecutive month in January, according to the latest data released today.
The headline NCB Purchasing Managers' Index (PMI - a seasonally adjusted composite index designed to provide an overall view of the manufacturing economy) fell from 49.1 in December to 48.8 in January, as panel firms reported declining levels of output, order books, stocks of purchases and employment.
Nevertheless, despite being the fastest since last October, the rate of decline of the manufacturing sector remained only modest.
Commenting on the survey, Mr Dermot O'Brien - chief economist at NCB Stockbrokers - said: "This . . . shows that weakness in the international economy and ongoing uncertainty continue to hamper Irish manufacturing activity.
"Nonetheless, the degree of contraction in output and orders is modest and . . . the rate of decline in employment in the sector lessened in January".
