Ireland's services sector experienced a surge in activity in November, with the AIB Purchasing Managers' Index (PMI) climbing to 54.2, up from October's 52.6. This expansion was led by increased business both at home and from international clients, particularly boosting the transport, tourism, and leisure industries which had previously seen months of decline.
Oliver Mangan from AIB noted that the growth spanned across various service sub-sectors, including banking and hospitality, driven by a rise in new business and export activities. Despite ongoing wage inflation within the services industry, other costs pressures have eased notably. The rate of wage increases touched its lowest since April 2021, and the rise in selling prices moderated significantly to a two-and-a-half-year low.
The manufacturing sector also displayed resilience, with its PMI holding steady at 50, indicating stability. This figure is among the highest recorded this year and suggests that manufacturing is not contracting despite broader economic challenges.
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