Manufacturing growing at 'respectable pace' - NCB

Conditions in the manufacturing sector recorded a further improvement in August, according to the latest industrial survey.

Conditions in the manufacturing sector recorded a further improvement in August, according to the latest industrial survey.

The NCB Purchasing Managers' Index - an indicator designed to provide a single-figure measure of the economic health of the manufacturing industry - posted 54.7, to remain above the critical 50 no-change mark the twelfth successive month.

A slight decline in the PMI from July's reading of 55.2, indicated that the rate of improvement eased slightly from a month earlier, but nevertheless remained marked.

Commenting on the survey, Mr Eunan King - senior economist at NCB Stockbrokers - said the PMI continues to indicate that the economy is growing at a "respectable pace" though there was a modest deceleration from July.

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"Orders are holding up well and it is interesting to note the strength of orders from North America given the doubts about the pace of growth there in recent months. Employment rose for the seventh month in succession," he added.

Irish manufacturers added to the size of their workforces for the seventh month in a row in August, although the rate of growth of employment remained only slight.