Welcome pick-up in factory sector

The country’s manufacturing sector continued to grow in August, with new business orders increasing at the fastest pace for 14 months.

The latest purchasing managers’ index for the sector, published yesterday by Investec Ireland, posted a reading of 52 points; up from a 51-point reading in July. Any monthly index reading above the neutral 50-point mark indicates a sector in growth mode.

Philip O’Sullivan, Investec Ireland’s chief economist, noted that August represented the third consecutive month of activity increase in the manufacturing sector, with the data marking “a welcome pick-up”.