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News : Irish Economy Last Updated: Jan 12, 2015 - 5:03 AM

Irish official services index drops in November 2014 contradicting PMI survey
By Michael Hennigan, Finfacts founder and editor
Jan 9, 2015 - 2:20 PM

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The seasonally adjusted Irish monthly services value index fell by 1.1% in November 2014 when compared with October 2014 while, in the year to November 2014, there was an increase of 5.9%.

In December the Irish service sector PMI (purchasing manager's index) survey showed further strong improvements in both activity and new business during November, helping employment growth to accelerate to the sharpest since September 2006.

We then provided reality warnings as the biggest service firms - such as Google Microsoft - book about 40% and 25% of their global revenues in Ireland for tax purposes while the broader-based official service activity index is more muted.

The idiot/ eejit's guide to distorted Irish national economic data

The CSO said today that on a monthly basis, Other Service Activities (+7.8%) and Accommodation and Food Service Activities (+4.3%) increased when compared with October 2014. Professional, Scientific and Technical Activities (-4.1%), Wholesale and Retail Trade (-1.9%), Transportation and Storage (-1.7%), Information and Communication (-1.5%) and Administrative and Support Service Activities (-1.0%), decreased in the month to November 2014.

On an annual basis, Other Service Activities (+18.1%), Accommodation and Food Service Activities (+12.3%), Transportation and Storage, (+8.6%), Information and Communication (+8.5%), Professional, Scientific and Technical Activities (+5.0%) and Wholesale and Retail Trade (+2.6%) increased when compared with November 2013. Administrative and Support Service Activities (-2.5%) showed a decrease in the same period.

The CSO uses a sample size of approximately 2,100 enterprises (excluding financial services firms compared with Markit's PMI panel of about 400 firms.

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