Irish manufacturing PMI dipped slightly in November
Irish manufacturing PMI activity dipped slightly in November with further sharp rises in new orders feeding through to higher output, employment and purchasing activity. Input costs continued to decrease in the latest survey period, but manufacturers raised their output prices for the first time in six months.
The CSO reported on 4 Nov that on an annual basis production for September 2015 increased by 20.1% when compared with September 2014. The seasonally adjusted volume of industrial production for Manufacturing Industries for the three months July 2015 to September 2015 was 3.9% higher than in the preceding three month period — the 'Modern Sector' mainly comprising the output of US-owned plants was up an annual 22% compared with 65% in February, which doesn't all reflect activity in Ireland.
The seasonally adjusted Investec Purchasing Managers’ Index (PMI ) — an indicator designed to provide a single-figure measure of the health of the manufacturing industry — dipped slightly to 53.3 in November from 53.6 in October.
The reading signalled a further solid strengthening of business conditions in the sector, albeit the weakest in 21 months.
Markit says that central to the latest improvement in the overall health of the sector was a further strong rise in new business. New orders increased for the twenty-ninth successive month.
New export business also continued to grow sharply, with the rate of expansion little-changed from that seen in October.
Further rises in new orders led manufacturers to expand their production in November. Output has increased on a monthly basis throughout the past two-and-a-half years, with the latest solid expansion slightly quicker than registered in the previous month.
Pic above: Lilly Inc.'s Irish pharmaceutical facility at Dunderrow, near Kinsale, Co. Cork