Rising new business and employment boosts 'accelerating growth' in Irish services sector

The service sector workforce grew at the fastest pace in six months, and one that was broadly in line with the long-run survey average

AIB chief economist David McNamara said activity levels were 'boosted by rising new business and employment, alongside easing inflationary pressures'.

The Irish services sector saw "accelerating growth” during July with activity levels boosted by rising new business and employment as inflationary pressures eased, the latest AIB Purchasing Managers Index (PMI) shows.

During July, the PMI recorded a reading of 55.2, up from the 54.2 recorded in June. The PMI is calculated from a question that asks for changes in the volume of business activity compared with one month previously.