Monday 19 March 2018

Recovery is now a tangible objective

One of the most reliable guides to economic trends is the Purchasing Managers' Index (PMI). Last month, Ireland's PMI rose to 53.1 from its May level of 51.2. The figure 50 denotes the separation of growth from contraction.

More remarkably, the employment "sub-index" rose in June for the fourth month in a row, to 55.9. The monthly increase was the highest since December 1999.

One swallow does not make a summer, wet or dry. Indeed, two swallows are still too few. Our disappointments throughout these last unhappy years have taught us caution.

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