Irish manufacturing flies as demand increases from US, Asia, and Europe
Irish manufacturing hit an eight-month high in November as new order demand kicked off in the wake of the Brexit vote, new research has shown.
According to the Investec Manufacturing PMI, the sector quickened to a rating of 53.7 with increases in output, new orders and employment.
New export orders was deemed as the "real highlight" by Investec with panellists reporting increased demand in Asia, Europe, and the US.
The increased demand has caused the fastest increase in backlogs of work since the series started back in 2002. The increase in backlogs may also have been caused by clients withholding orders to await the outcome of the US election.
Hiring activity surged by its fastest rate in 16 months with firms stepping up their quantity of purchases.
Investec chief economist Philip O'Sullivan said the improved PMI gives weight to the view the worst of the pressure seen in the post-Brexit aftermath has passed.
"The improving momentum indicated by this report lends weight to that argument, with attention now turning to Monday’s Services PMI release and the following week’s Construction PMI publication to see if those sectors have witnessed a similar enhancement in conditions in the run-up to the year-end," he said.