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Irish services sector growth slowed to 7-month low in November

© Reuters. FILE PHOTO – People enjoy outdoor dining in bars and restaurants in Ireland after restrictions are eased following the COVID-19 outbreak in Galway (Ireland), June 7, 2021. REUTERS/Clodagh Kilcoyne

DUBLIN, (Reuters) – In Ireland, growth in the service sector dropped to a seven month low in November due to a rise in COVID-19-related infections. The survey was released on Friday.

While the AIB IHSMarkit Purchasing Managers’ Index (PMI), fell to 59.3 from 63.4 in the previous month, it still remains well ahead of that 50 threshold which separates growth and contraction. Since the outbreak of the pandemic, it has been below 50 nine more times.

Ireland is reporting near-record high COVID-19 numbers since November, even though only 91% are fully vaccinated.

However, the death rate is much lower than in previous waves and cases have stabilized over recent days. Although the government reported the first Omicron case, it said that it was too early to assess its potential impact on the economy.

According to the survey’s researchers, reports about rising COVID-19 numbers have had a negative impact on expectations and business levels. The slowdown was also evident in the sub-indices.

According to the survey, the 12-month outlook for employment was weakest since March. With input and output prices at record levels, inflationary pressures were strong.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.