CSO data is a mixed bag

Production levels within the manufacturing sector fell by 1% on a monthly basis in August, and by nearly 7% when measured on a year-on-year basis.

Latest industrial production and turnover data, published yesterday by the CSO, provide a mixed bag of information. While the latest PMI from Investec Ireland last week showed continued momentum in the manufacturing sector last month (September seeing the fastest pace of monthly expansion for over a year), the more historical CSO figures show that the after-effects of the patent cliff are still being felt.

Some commentators expressed surprise at yesterday’s August data — Merrion Stockbrokers had been looking for a 4% annualised production rise. Its chief economist, Alan McQuaid, still foresees a low single-digit decline for the year as a whole.