Steady upturn of manufacturing industry

Figures released this morning show that the Irish manufacturing sector grew in October with the highest figure recorded since July 2002.

The NCB Stockbrokers' Purchasing Managers' Index recorded 52.4 in October, up from 50.4 in September. Any figure over 50 represents growth and this is the second consecutive month it has registered an over 50 reading.

New orders grew at their fastest pace since July last year. These new orders translated into jobs with 13% of all firms surveyed saying they recruited additional staff during the month with employment in the sector rising slightly for the first time in 14 months.

Costs for businesses rose again, though at a slightly slower pace than September, while average prices charges by firms rose for the first time since March

"The latest manufacturing PMI provides clear evidence that recovery in the sector is becoming more solid," said Dermot O'Brien, chief economist at NCB.