Service sector expands rapidly

THE service sector of the Irish economy is expanding rapidly, in sharp contrast to the manufacturing sector, according to the NCB Purchasing Managers’ Service Index.

However, despite the improvement in the services sector and the slowdown in the rate of decline of the manufacturing industry, employers in all sectors are still shedding jobs, the NCB Purchasing Managers’ Index indicates.

August PMI (services) data shows that strong growth in the overall business activity rose sharply for the third successive month hitting its highest level since last November at 53.5 in August.