Contraction of economy has slowed, says PMI

THE rate of contraction in the Irish manufacturing economy has slowed, the latest Purchasing Managers Index (PMI) reveals, but the figures provide no encouragement.

April’s NCB PMI index, a seasonally-adjusted composite index designed to provide an overall view of the manufacturing economy, rose from 47.4 in March, to 48.2 in April, but remained below the critical no change mark of 50.0 for the seventh consecutive month.

Chief economist at NCB Stockbrokers Dermot O’Brien said: