Services sector shows sharp increase in business activity

The services sector expanded at its second-fastest pace since February 2007 last month, having quickened significantly since July.

Investec’s monthly Services Purchasing Managers’ Index (PMI) released yesterday, shows another sharp increase in business activity during the month, extending the period of successive expansion in the sector to over two years. Business from external markets helped fuel the continued expansion of the sector.

“The rate of growth in incoming new export business accelerated for the third month running to the fastest since April, with the run of above-50 readings in that index now stretching to 37 months,” said Investec Ireland chief economist, Philip O’Sullivan..