Manufacturing growth falters

The NCB Purchasing Managers' Index shows that growth in the Irish manufacturing stalled in May.

The index was at 50.3, down from 51.3 in April. Any figure above 50 signals growth.

NCB chief economist Dermot O'Brien said poor demand conditions in euro zone export markets were the main reason for the subdued growth.

Levels of new business rose modestly mainly due to improved domestic demand.

New export orders fell for the third month in a row.

Higher raw materials prices kept cost inflation high, but the index dropped to 58.7, its lowest level in 15 months. Prices charged by firms rose solidly, with this index at 53.9.

But employment levels fell for the first time in 16 months, with the index dropping to 48.9.