Services sector expanding, says survey

IRELAND’S services sector expanded significantly in October, with new business growing rapidly, a survey showed yesterday.

The Purchasing Managers' Services Index, compiled by NCB Stockbrokers, rose to 57.3 from 56.9 the previous month posting its highest level since April 2002 and remaining above the no-change mark of 50.0 for the fifth consecutive month.

"The latest report shows a further strengthening of the recovery in services sector activity that first emerged in June," NCB chief economist Dermot O'Brien said in a statement.