Irish manufacturing activity grows for 12th month running in May
IRISH manufacturing activity grew for the 12th month running in May, albeit slowing slightly from April, while companies in the sector took on staff at the fastest rate in 15 years, a survey has showed.
The Investec Manufacturing Purchasing Managers' Index slipped to 55.0 in May from 56.1 in April, but remained well above the 50 line dividing growth in activity from contractions.
Growth in new export orders helped lift the subindex for job creation in the manufacturing sector to 56.4 from 54.5, its highest level since 1999, the survey's authors said.
Manufacturing accounts for about a quarter of Irish gross domestic product, according to World Bank figures.
"Taken together with recent positive Services PMI and Construction PMI readings, today's Manufacturing PMI report provides a further reminder of the strong momentum across much of the private sector in Ireland," Investec Ireland chief economist Philip O'Sullivan said.
The survey found that the rate of input cost inflation was marginal and that output prices continued to fall amid strong competitive pressures.