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Overall private sector activity in Ireland was unchanged last month, despite continued strong growth in the service sector, survey results from S&P Global showed on Thursday.
The AIB services purchasing managers’ index slipped to 56.7 points in July from 56.8 in June, remaining well above the neutral 50-point mark and indicating expansion.
However, the composite PMI fell to 50.0 points in July from 51.4 in June, showing overall stagnation in the Irish private sector.
On Tuesday, S&P Global had reported the manufacturing PMI declined to 47.0 points in July from 47.3 in June, representing the sharpest decline since May 2020. The composite PMI is a blend of the two sectoral PMIs.
S&P Global said the composite score indicated the weakest performance by Irish companies since November last year.
‘Underlying data showed that a substantial increase in new business received by service providers continued to offset a contraction in manufacturing new factory orders,’ S&P Global said. ‘At the same time, total employment levels rose modestly.’
It noted that financial services led the service sector growth in Ireland.
The services PMI is compiled by S&P Global from the responses to a survey sent to 400 service providers in Ireland. The responses are collected in the second half of each month.
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