Business expansion slows from record high

Business conditions weakened slightly last month as the pace of new businesses slowed from the record highs seen in October.

The Investec Purchasing Managers’ Index (PMI) reported a headline figure of 52. The figure indicates that businesses are still growing but that the pace of that growth has fallen compared to October.

Chief economist with Investec Ireland Philip O’Sullivan said October had been a particularly strong month with the PMI reporting the highest headline figure in two-and-a-half years.