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Manufacturing activity stable in May, PMI shows

By June 4, 2024No Comments

The country’s manufacturing sector steadied last month after contracting in April although demand remained subdued, a survey showed today.

The AIB S&P Global manufacturing Purchasing Managers’ Index (PMI) stood at 49.8 in May, up from April’s nine-month low of 47.6, and close to the all-important 50 level that marks growth in activity.

Respondents to the survey said economic conditions continued to be sluggish, with demand from domestic and international customers subdued.

But production volumes and incoming new work only fell marginally, and there was a solid rise in staffing levels that reflected increased confidence in market conditions for the coming months.

David McNamara, AIB’s chief economist, said there was anecdotal evidence that weaker demand from key trading partners, including the UK, was behind the latest fall in activity.

Article Source – Manufacturing activity stable in May, PMI shows – RTE

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