Ireland's manufacturing sector conditions improved slightly in October, with output stagnating amid subdued demand, according to S&P Global.
The AIB Ireland manufacturing purchasing managers' index fell to 50.9 in October, down from 51.8 in September. A reading above 50 indicates an overall increase in business activity, while a reading below signals a contraction.
Output stagnated in October, with respondents citing subdued demand conditions.
According to David McNamara, AIB chief economist:
The modest improvement in manufacturing conditions in October was driven by gains in new orders and employment, while output growth stalled and inventories decreased more quickly.
The latest figure marked the weakest improvement in the manufacturing sector since January. S&P Global reported a decline across all five PMI sub-components.
Author's summary: Ireland's manufacturing sector shows slight improvement.