Purchasing managers’ index grows in March

Improving consumer demand helped Ireland’s services sector to grow for a 20th straight month in March, latest figures show.

The main barometer for the sector — the monthly purchasing managers’ index (PMI) from specialist bank Investec — jumped from 57.5 points in February to one of 60.7 points for March, showing that the rate of growth in services activity accelerated last month. Any reading of over 50 points, in the index, represents a sector in growth mode.

“During March, we note a broad-based improvement across the areas of the services sector. Unadjusted data for the ‘current business activity’ component shows that all four segments — business services, financial services, technology/media/telecoms and travel and leisure — posted growth, the seventh time in the past eight months that all areas have simultaneously experienced growth,” noted Philip O’Sullivan, Investec Ireland chief economist.