Services growth fastest in 7 years

The Irish services sector recorded its fastest rate of growth in seven years last month with the number of firms looking to hire employees six times greater than those reducing their payroll.

The monthly Investec Services Purchasing Managers’ Index (PMI) for June increased from 61.7 to 62.6 — representing a 23rd month of expansion in the sector, with any value greater than 50 signalling growth in the industry.

Commenting on the data, Investec chief economist, Philip O’Sullivan said that a combination of foreign and domestic demand contributed to continued growth in the sector.