Northern Ireland businesses enjoyed yet another increase in export orders with many securing new contracts in the south last month, according to the latest Ulster Bank’s Purchasing Managers’ Index (PMI).
The research showed that the increase in business was due 'to sterling’s continuing lacklustre performance against the euro'.
Business activity across the North’s private sector registered a 'solid' monthly expansion with the service sector in particular recording its strongest growth rates since last March, reported Irishtimes.ie.
The latest PMI report for July showed that the retail sector which had been experiencing a slowing in demand saw sales stabilise last month, while the local construction is 'facing challenges as research shows that the construction sector suffered another drop in new business' for the fifth consecutive month.
The increased export orders are a boon to Northern Irish business.
The latest PMI report highlights that job creation continued in Northern Ireland last month but at a slightly slower pace while inflationary pressures also decreased and businesses had to 'battle higher input prices driven by currency issues and increased staff costs'.
“The reality is that the overall tone of the latest survey is characterised by slower rates of growth. Firms reported a slight slowdown in the rate of growth in business activity, with July’s figure at a nine-month low." Richard Ramsey, chief economist Northern Ireland, Ulster Bank said.
"Meanwhile, new orders and exports saw their growth rates quicken. The private sector has been increasing its staffing levels for the last two-and-a-half years. Last month, however, the pace of job creation slipped to a six-month low.”
© 2017 - Checkout Magazine by Donna Ahern