Recovery signs in manufacturing

THERE were tentative signs of hope for Ireland’s manufacturing sector last month, with data showing a first rise in output for nearly two years; but the sector is still technically contracting.

The latest Purchasing Manufacturers’ Index (PMI) for the sector, published by NCB Stockbrokers, showed a slight monthly rise in November, from 48 points to 48.8 – which, as it is still under the neutral 50-point mark, means the sector is in negative territory. Technically, operating conditions here have worsened over the past two years.

However, according to Brian Devine, economist at NCB, the November statistics show signs that Irish manufacturing and the economy, as a whole, are beginning to improve.