Ireland’s manufacturing sector reported a continued, albeit modest, improvement in August, driven by sustained production growth, according to the latest survey results from S&P Global released on Monday.The AIB Manufacturing Purchasing Managers’ Index (PMI) posted a six-month high of 50.4 in August, up from 50.1 in July. An index reading above 50 signifies expansion in the sector.Production output rose at its fastest rate in six months during August. This growth enabled companies to increase their workforce numbers at the quickest rate since August 2023.The survey highlighted improved supply conditions and a reduction in work backlogs for firms in August.However, new orders declined for the sixth consecutive month due to weak demand conditions. Customer destocking and concerns about the economic outlook were cited as contributing factors to the reduction in new orders.Regarding prices, input price inflation remained elevated in August, only easing slightly from July’s 17-month high. The primary driver of cost pressures was increasing raw material prices, leading to an accelerated rise in selling prices.The material has been provided by InstaForex Company – www.instaforex.com
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