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Irish Manufacturing Contracts In April – PMI

By Reuters
Irish Manufacturing Contracts In April – PMI

Irish manufacturing contracted in April at its fastest pace in nine months on sluggish demand and lack of incoming new work, it was reported on Wednesday.

This is the latest development in back-and-forth growth for the sector as reported by the AIB S&P Global manufacturing Purchasing Managers’ Index (PMI).

The PMI for Ireland fell to 47.6 in April, down from 49.6 in March and 52.2 in February.

It is below the 50 mark – denoting growth – for the fourth time in the past five months.

Respondents to the survey blamed overstocked customers and reduced spending among clients in the construction sector for a lack of incoming new work.

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The fall in new orders was at its steepest since December 2022.

AIB’s chief economist, David McNamara, said that while the April fall was the sharpest since July 2023, it aligned with broader declines seen across other European PMIs last month.

Production levels decreased at the strongest pace for six months, and firms paused hiring.

There was no change in the employment index for April, ending a three-month stretch of modest job creation.

Despite the changing environment, McNamara said firms remain positive on the outlook for the next 12 months.

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McNamara said, “Close to half of respondents still expect a rise in output volumes during the next year, compared to 14% who expect a decline.”

Read More: Irish Manufacturing Rebounds In February, PMI Shows

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