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Ireland's manufacturing sector continues to strengthen

Xinhua, September 1, 2015 Adjust font size:

Ireland's manufacturing sector continued to strengthen in August although rate of improvement weakest recorded since February 2014, according to a survey published on Tuesday.

The manufacturing purchasing managers' index (PMI), compiled by financial group Investec, slowed to 53.6 from July's 56.7, although the sequence of growth now extends to 27 months.

The manufacturing PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives in around 285 industrial companies.

Investec is a leading international, specialist-banking group with headquarters in Johannesburg, South Africa.

Investec said the rate of cost inflation eased to a six-month low and firms reduced their output prices for the third consecutive month.

It said the rate of expansion in new orders slowed in August and was the weakest for a year and a half.

It added the latest increase was still sharp amid reports of new work in export markets.

The rate of growth in new export business was substantial despite easing slightly from July, according to Investec.

"While this is clearly a more downbeat manufacturing PMI release compared to what we have grown accustomed to over the past 18 months or so, we are not overly concerned at this point," said Investec Ireland chief economist Philip O'Sullivan.

"On balance, the sector still has significant tailwinds behind it and we still expect to see a strong finish to the year," he said. Endit