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Ireland Manufacturing Sector Recovers Sharply In July

Ireland’s manufacturing sector expanded robustly in July as lockdown restrictions to battle the coronavirus pandemic continued to ease, survey data from IHS Markit showed on Tuesday.

The seasonally adjusted AIB factory Purchasing Managers’ Index, or PMI, rose to 57.3 in July from 51.0 in June. This was the strongest improvement since August 2018.

Any reading above 50 indicates expansion in the sector.

Production rose at the fastest rate since December 1999 and new orders grew at the strongest pace since December 2017.

New export orders increased at the fastest rate since November 2017.

Backlogs of work increased in July and the rate of job creation was in line with the long-run survey average.

Firms remained optimistic on the 12-month outlook with sentiment underpinned by renewed growth of new orders and higher backlogs of work in July.

“The improvement in the Irish data is in line with the
trend in other countries,” Oliver Mangan, AIB Chief Economist, said.

“The flash readings for the Eurozone and UK July manufacturing PMIs also saw large rises to 51.1 and 53.6, respectively, as economies re-open for business.”

The material has been provided by InstaForex Company – www.instaforex.com