Manufacturing boost - We are not out of the woods yet

In this era of gloom, even the tiniest sliver of positive economic news has to be applauded.

That certainly applies to the latest report showing Ireland is bucking international trends and is now the only country in the EU whose manufacturing sector is growing.

A welcome psychological boost for the economy, the NCB Purchasing Managers index — a highly reliable indicator — estimates that output hit a 15-month high in July, with the service sector turning in an exceptional performance.