Ireland’s service sector activity grew significantly again in February, as rates of expansion in activity and new business remained sharp, survey figures from Markit Economics showed Thursday.
The seasonally adjusted Purchasing Managers’ Index, or PMI, dropped to 62.1 in February from 64.0 in the previous month. However, any reading above 50 indicates expansion in the sector.
New orders climbed sharply in February, though at a reduced pace than in the previous month. The latest expansion was partly driven by the launch of new products.
New export orders continued to rise in February, with the UK again highlighted as a key source of new business.
Companies raised their staffing levels further in February, due to their efforts to clear backlogs, alongside higher new business. Moreover, the rate of job creation quickened to the fastest in three months
On the price front, input prices increased sharply in February, largely caused by higher staff costs. Selling prices also rose during the month, but the rate of inflation eased for the third straight month.
The material has been provided by InstaForex Company – www.instaforex.com