The manufacturing sector accelerated in September as production grew at its fastest pace since March 2022 and demand remained firm in domestic and overseas markets, a business survey showed today.
The latest AIB Ireland Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 55.5 in September from 55.4 in August, a survey by S&P Global showed.
The 50-mark separates growth from contraction.
“Output rose rapidly in September, increasing to the highest level since March 2022, with respondents citing continued robust order books,” said David McNamara, AIB’s chief economist.
Production growth was the sharpest since March 2022, and new orders rose for a 21st month in a row. Total new work expanded at a slightly softer rate than August’s 52-month high.
Export orders increased, with the seasonally adjusted New Export Orders Index reaching its highest level since June. Firms cited stronger business inflows from major developed markets.
Employment growth was unchanged from August’s seven-month low.
Purchasing activity increased at its fastest rate since May and backlogs of work accumulated for a third month as stronger order books put pressure on operating capacity.
But cost pressures intensified, with input price inflation accelerating to its highest since June and output charge inflation hitting a three-month high. Firms linked higher costs to increased energy, fuel and transport prices.