February 1, 2018 / 6:14 AM / 2 years ago

Irish manufacturers begin 2018 on strong footing - PMI

DUBLIN (Reuters) - Ireland’s manufacturing sector began 2018 on a strong footing, with near record growth as firms position themselves for rising customer demand, a survey showed on Thursday.

The Investec Manufacturing Purchasing Managers’ Index (PMI) eased to 57.6 in January from December’s 59.1 - the highest level since it began measuring the performance of the sector almost 20 years ago.

January’s reading was still the third-highest in 18 years and activity has remained above the 50 mark separating growth from contraction since June 2013 when Ireland was approaching the end of a three-year international bailout programme.

Respondents reported strong demand at home and abroad with the new export order sub-index recovering from a dip at the end of 2017 to tick up to 57.2 from 56.9. Firms also noted success in entering new markets and securing new clients abroad, the survey’s authors said.

“While the headline PMI eased slightly from the all-time high that was recorded in December, January’s 57.6 reading is consistent with a sharp improvement in activity,” said Investec Ireland chief economist Philip O’Sullivan.

“There is evidence that manufacturers are positioning themselves for ongoing strong customer demand in the months ahead, with stocks of purchases increasing, while stocks of finished goods rose for a third successive month, notwithstanding the uptick in client orders.”

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