Small expansion for Irish manufacturing industry

The Irish manufacturing industry enjoyed modest expansion in November, according to the latest seasonally adjusted NCB Purchasing Managers’ Index results released today.

The overall index rose slightly to 51.2 in November, from 50.9 in the previous month. A reading of the PMI below 50 indicates that the manufacturing economy is generally declining, above 50, that it is generally expanding.

Production growth was extended into a ninth successive month in November. Although the rate of expansion was fractionally quicker than in October, it was still weak. Higher new business was the main driver of rising output.

Firms in the Irish manufacturing sector continued to cut jobs during November however, albeit at only a slight rate. Apart from a modest rise in May this year, staffing levels have decreased in each month since December 2007.

Where employment was reduced, respondents mentioned insufficient workloads and attempts to limit input costs.

The employment index declined from 49.8 in October to 49.3 in November.