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Irish services sector prices, backlogs hit 21-year highs -PMI -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Cranes can be seen in Dublin’s skyline at the Irish Financial Services Centre on April 24, 2017. REUTERS/Clodagh Kilcoyne/File photo

DUBLIN (Reuters – While growth in Ireland’s services sector slowed slightly from October, it remained close to historic highs. The COVID-19 recovery pushed prices and backlogs up to the highest levels since 21 years. This was according to a Wednesday survey.

AIB-IHS Markit purchasing managers’ index (PMI) fell to 63.4, from 63.7 last months and from an almost two-decade record of 66.6. An overall increase in activity is indicated by a reading of 50 or more than the previous month.

Oliver Mangan, the chief economist of AIB said the sector was experiencing “robust expansion”. Readings above 60 were recorded for six months consecutively as a result of the nearly complete easing COVID-19 restrictions releasing pent-up demand.

This survey found that the rate of outstanding business growth reached its highest point in 21-years after only eight months.

Survey results showed that input price inflation was at its highest rate since 2000. Prices charged also were at the highest level since 2000.

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