The country’s services sector posted its fastest growth in five months in June as an easing of geopolitical uncertainty and lower inflation boosted activity, a survey showed today. <\/p>\n
The AIB S&P Global Services Purchasing Managers’ Index climbed to 54.2 in June from 50.8 in May after dipping below the 50 level that separates growth from contraction in April. <\/p>\n
“Higher activity was attributed to a catch-up in demand following a period of geopolitical uncertainty,” AIB’s chief economist David McNamara said in a statement. <\/p>\n
“Activity levels were boosted by rising outstanding and new business, alongside easing inflationary pressures,” he said. <\/p>\n
He also noted that the rate of growth in the services sector here was ahead of the flash euro zone, UK and US PMIs at 48.9, 48.7 and 51.3, respectively.<\/p>\n
New business increased at the strongest rate in seven months, while the volume of outstanding business rose for the first time in three months. <\/p>\n
Input cost inflation eased from the 40-month peak reached in April and May but remained elevated, the survey showed.<\/p>\n
“Rising supplier and freight costs, wage increases, fuel surcharges and energy costs were all factors cited by respondents in June. The rate of increase in prices charged also decelerated to a three-month low, but it too remained elevated in a historical context,” David McNamara said. <\/p>\n
“In terms of the outlook, business sentiment continued to recover in June, reaching a four-month high. Confidence improved in all sectors except Business Services, with a potential peace agreement between the US and Iran boosting confidence,” he added. <\/p>\n
Today’s survey showed that Technology, Media & Telecoms remained the fastest-growing sector in June, with the strongest expansion since last November. <\/p>\n
Financial Services registered the sharpest increase in four months, while Business Services posted a softer rise in activity. <\/p>\n
Meanwhile Transport, Tourism & Leisure registered a fourth successive monthly decline, but at a slower rate than seen in previous months.<\/p>\n","protected":false},"excerpt":{"rendered":"The country’s services sector posted its fastest growth in five months in June as an easing of geopolitical…\n","protected":false},"author":2,"featured_media":516000,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60],"class_list":["post-531927","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/531927","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=531927"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/531927\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/516000"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=531927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=531927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=531927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}