Profitability and employment on the rise in Irish services industry
Published 03/03/2016 | 08:31
Employment and profitability remained on the rise in the services industry according to the latest Purchasing Managers Index (PMI) from Investec.
The PMI shows that employment continued three and a half year growth streak in February while profitability in the sector garnered its 43rd month of consecutive growth.
The new business index eased to a four month low, indicating that the current global downturn is beginning to impact on the sector.
New export business continued to rise sharply during February, remaining strong despite increasing at a slower pace compared to January.
As part of the PMI, panelists continued to highlight the trend of the UK as a key source of new export business.
Chief economist at Investec, Phillip O'Sullivan, said that business activity in the sector remained substantial in the month.
"There was a softening in the rate of expansion in Incoming New Business (to a four month low), with all of the segments of the services industry that are captured by this survey (TMT, Transport & Leisure, Business Services and Financial Services) reporting slightly weaker growth in new orders compared to in the previous month."