Manufacturing sector turns a corner

May saw a rebound in fortunes for Ireland’s manufacturing sector, with new business orders rising for the fourth consecutive month.

The latest monthly purchasing managers’ index (PMI) for the sector, published yesterday by NCB Stockbrokers, showed a reading of 51.2. While the index had already been above the neutral 50 point mark, which separates a sector in growth mode from one in decline, the PMI had slipped from 51.5 points in March to 50.1 points in April — a move which had represented its first fall in three months.

The growth in new orders was mainly linked, in May, to a rise in export orders, particularly outside of the eurozone.