PMI grows for 20th month

Irish manufacturing activity enjoyed its 20th consecutive month of growth in January, but the rate of expansion eased to its slowest level in eight months, new data shows.

The latest monthly manufacturers’ purchasing managers’ index (PMI) — published yesterday by specialist bank Investec Ireland — shows a reading of 55.1 for January. While still comfortably above the neutral 50- point mark, which separates a contracting sector from one in growth mode, the reading was down from a near 57-point reading for December and was the lowest since a 55-point reading back in May of last year.

That said, the month saw another sharp rise in new orders for manufacturers, as well as new export orders — with demand from UK-based customers being of particular note. The consumer goods sector registered the sharpest rise in new business from abroad, while solid growth was recorded at intermediate and investment goods firms.