Services growth moderates slightly, outlook brightens, PMI show
Service sector growth moderated slightly for the second successive month in July, but a pick up in new business, the year-ahead outlook and jobs growth pointed to positive signs for firms, a survey showed today.
The AIB Global S&P Purchasing Managers’ Index (PMI) fell to 53.6 from 54.2 in June, slightly below the trend so far this year, having stayed above the 50 mark separating growth from contraction since March 2021.
Growth overall in new business accelerated sharply despite the weakest rise in new exports since November, while sentiment was at the strongest in five months and inflationary pressures were steady and in line with the long-run survey average.
The services sector covers areas as diverse as communication, financial and business services, IT and the tourism trade.
The PMI survey for the country’s manufacturing sector last week showed that it eked out growth for just the second time in eight months in July, bouncing back after contracting at the fastest pace in a year a month earlier.
Article Source – services growth moderates slightly, outlook brightens, PMI show – RTE
