Services and manufacturing spike

IRELAND’S services and manufacturing industries are expanding at the fastest rates in almost a year, as fresh orders pump confidence into the sectors.

The NCB Purchasing Managers’ Index (PMI), which measures activity in the services sector, rose to 55.1 from 53.9 in January its best growth in seven months and the second straight month it was above the 50 mark. The strongest rise was registered at technology, media and telecoms companies.

The positive services industry data comes just days after a similar PMI survey showed that manufacturing grew strongly last month — with the fastest increase in new business orders in more than 11 years; the sharpest rate of job creation for nearly five years and actual production increasing at its fastest pace in 13 years.