Irish manufacturing industry beats off Brexit fears as new orders grow
The Irish manufacturing industry has beaten off Brexit uncertainty to record an, albeit small, increase in new orders during the month August, new figures have shown.
The headline reading for the industry increased to 51.7 last month as opposed to July's 50.2 outturn, according to the latest Investec Manufacturing PMI.
Despite the growth however the report notes an understandable cautiousness surrounding manufacturers given the current economic climate.
New orders in August returned to growth after contracting for the first time in three years in July. However, growth n the area was small with around 75pc of panellists citing either unchanged or lower client demand.
New export orders contracted again for the third time in the last four months. Backlogs of work fell for the eighth month in a row and at the fastest pace for more than three years.
Investec chief economist Philip O'Sullivan said: "While we welcome the slight improvement in the headline PMI, manufacturers’ preference for running down inventory levels points to a more cautious stance regarding the outlook, a sentiment that chimes with our own assessment of the sector’s near-term prospects."