Services sector sees 'significant loss of momentum' in June

AIB chief economist David McNamara said new business expanded at a 'modest pace in June', dampened by an 'outright decline in export orders' amid trade tensions

The PMI showed expectations “remained close to the post-pandemic low”.

The services sector in Ireland saw a “significant loss of momentum” during June as a result of softer output, new business and hiring activity, the latest AIB Ireland Services Purchasing Managers’ Index (PMI) shows.

The PMI reading for the sector in June stood at 51.5, down from 54.7 in May, which marks the slowest pace of growth since January 2024.