Irish Manufacturing Sector in Contraction for Fourth Consecutive Month: Markit
According to data released by Markit, factory activity in Ireland remained in contraction for the fourth consecutive month. The AIB IHS Markit manufacturing PMI rose slightly to 48.7 in September from 48.6 in August, but below the 50-threshold indicating a shrinking in the sector.
The index for new export orders slid to 46.0 in September from 48.5 in August, depicting a greater contraction in new business from overseas. Meanwhile, demand from the UK has also declined as a result of the ongoing Brexit uncertainties, which continue to exert downward pressure on the Irish manufacturing sector.
According to AIB Chief Economist, Oliver Mangan, “The weak Irish data of recent months clearly show that the sharp slowdown in global manufacturing over the past year or more is being felt in Ireland also. Brexit uncertainty is an additional negative factor weighing on activity here.”
Business confidence among manufacturers also fell to the lowest levels in at least seven years as a result of the Brexit chaos. In addition, a fall in customer orders has caused pre-production inventories to rise moderately in September.
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