DUBLIN, Feb 1 (Reuters) - Irish manufacturing activity
eked out growth in January after two months of contraction,
boosting confidence in the sector as cost pressures also eased
markedly, a survey showed on Wednesday.
The AIB S&P Global manufacturing Purchasing Managers' Index
(PMI) rose to 50.1 from 48.7 in December. The November-December
contraction was the first time the index slipped below the 50
line denoting expansion since May 2020.
While new orders contracted for the eighth successive month
in January, they did so at a much slower rate than at the end of
last year as firms cleared outstanding workloads and stocks of
finished goods recorded their second biggest increase in the
survey's history.
"There were a number of quite positive features in the
January survey," AIB's chief economist Oliver Mangan said.
"Employment expanded at a solid pace, while there was a
shortening of suppliers deliver times, the first seen since
October 2019 in a clear sign that pressures on supply chains
have eased considerably."
As a result confidence among manufacturers rose to a near
one-year high while inflationary pressures cooled again with the
rates of input cost and output price inflation sinking to 24-
and 22-month lows respectively.
While rates were stronger than their historical averages in
both cases, the sub index for input costs has now fallen back to
64.5 from the record high of 92.7 last March.
(Reporting by Padraic Halpin; Editing by Hugh Lawson)
Messaging: padraic.halpin.thomsonreuters.com@reuters.net))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.