Positive news for services sector

The results of the monthly NCB survey of the Irish services economy were announced today.

The key seasonally adjusted Business Activity Index for June registered as 65.3, down slightly from May’s 69-month high of 66.2.

Around 37% of firms indicated that activity had increased since the previous month however, compared to less than 10% that noted a decline.

Employment levels increased for the 34th successive month, as more than a quarter of firms recorded a workforce expansion in June.

Growth of new orders contributed to a 37th successive month-on-month increase in Irish service providers’ business activity in the latest survey period.

"June levels of activity remained remarkably high though the levels of expectations eased a bit, while remaining robust,” Eunan King of NCB. “New business was strong and outstanding business continued to grow.

“There was a further rise in output prices indicating some success in passing on still-rising input costs."