Ireland’s service sector activity expanded at the sharpest pace in more than nine-and-a-half years in January, survey figures from Markit Economics showed Wednesday.
The seasonally adjusted Purchasing Managers’ Index, or PMI, climbed to 64.0 in January from 61.8 in December. Any reading above 50 indicates expansion in the sector.
Activity has now risen in each of the past 42 months. Moreover, it was the fastest expansion in services output since June 2006.
New business growth quickened in January, and was the joint-fastest since August 2000. New exports orders also grew during the month.
Rising workloads forced companies to raise their staffing levels at a substantial pace in January.
On the price front, input price inflation picked up marginally in January, as the effect of higher wages and salaries outweighed the downwards impact of lower fuel costs. At the same time, output charge inflation eased to five-month low.
“Taken together with Monday’s Manufacturing PMI report, this week’s surveys suggest that the strong momentum evident across the Irish economy in 2015 has continued into the New Year,” Philip O’Sullivan, Chief Economist at Investec Ireland said.
The material has been provided by InstaForex Company – www.instaforex.com