15-year high for manufacturing

Manufacturing activity rose at the fastest rate in almost 15 years last month as the sector continued to show signs of month-on-month improvement.

The Investec monthly Purchasing Managers’ Index (PMI) rose to 57.3 in August from 55.4 the previous month with new orders rising at the quickest pace since December 1999.

Commenting on the results, Investec CEO Philip O’Sullivan said improvements in both domestic and external demand drove the increase. “The latest Investec Manufacturing PMI Ireland report shows the headline PMI improving to 57.3 in August, signifying the fastest rate of expansion in activity since December 1999, as output and new orders both rose.