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Ireland's manufacturing remained in growth territory in October, survey results showed on Tuesday.
The AIB/S&P Global manufacturing purchasing managers' index registered 51.4 points in October, edging down slightly from 51.5 in September. Remaining above the 50.0 no-change mark, it shows the sector is still growing.
"However, there are some warning signals in the Irish data, with new orders, including export orders, declining for a fifth consecutive month as high inflation weighs on consumer demand, both at home and abroad. There was a slight increase in output as manufacturers continued to work to clear order backlogs and rebuild stocks of finished goods. As a result, firms were still hiring, with another solid increase in employment in the month," said AIB Chief Economist Oliver Mangan.
Cost inflation remained strong, as input prices saw a sharp rise. There was continued pressure on energy, fuel, materials and labour costs, though the rate of price increases slowed to a 20-month low.
The manufacturing PMI is compiled by S&P Global from responses to questionnaires sent to a panel of about 250 Irish manufacturers. The responses were collected between October 12 and 24.
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