Manufacturing Sector Leads The Way

01 August 2012 16:17 - Phoebe Robinson

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Manufacturing Sector Leads The Way

Irelands manufacturing sector increased even more in July, this was helped by a strong growth in businesses around the country, along with data released by Economists and the NCB new figures given out today.  It has been shown that the seasonally adjusted purchasing managers index (PMI) for the manufacturing sector increased to 53.9% in July from 53.1 in June, marking the third successive growth. New orders received by manufacturing firms went up at the fastest pace in 15 months in July which is a great sign for the Irish economy. A PMI reading that is above 50 is an indication of growth and one below 50 is an indication of contraction.

As a result of the new growth in the Irish economy production increased a noticeable amount during the month, this extended the current sequence of growth to three months, and this has extended the current sequence of growth to three months. Employment in the sector has also increased at a solid pace amongst the rising output requirements.   However it is not all good news, input prices faced by companies decreased for the second month in a row this July, and this is mostly due to a slip in commodity prices. Alongside this there has been strong competition resulted in a solid fall in output prices. Meanwhile, strong competition resulted in a solid fall in output prices.

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