Sluggish growth for services sector

Dublin: Ireland’s services sector grew for the second month in a row in November, but the rate remained sluggish.

According to the latest NCB Services Purchasing Managers Index (PMI), falling domestic demand and weakening sentiment offset growing exports.

The PMI, which measures activity in the services sector, was steady at 50.8, compared with 50.9 in October, just above the 50 mark separating growth from contraction.

The new export business component of the index rose to 54.4 from 53.6 in October, recording a 15th successive month of growth.

Business confidence fell for the third month running, to 55.2. The employment index rose from 45.2 to 48.7, which means firms are still shedding jobs, but not as much as in October.