The performance of the Irish manufacturing sector continued to strengthen in November with rising output driven by new products the main impetus for growth. Siobhán Creaton, Finance Correspondent, reports.
The NCB Purchasing Managers' Index increased from 53.4 in October to 53.7. NCB chief economist Eunan King said the demand from the US and Spain was particularly strong last month, though overall growth of new export orders decelerated.
Panellists reported improved market demand and the successful introduction of fresh products that helped new orders to expand at a pace only slightly below October's recent high.
New export orders also rose strongly, although at a weaker rate than one month earlier.
Irish businesses raised manufacturing output in respect to higher levels of new business and the rate of output growth accelerated to the fastest since August 2004, according to NCB. The November data also indicated a strong rise in average costs facing the Irish manufacturing sector.
The index says Irish manufacturing employment increased again in November. With cost pressures persisting, the rate of job creation was marginal. Those firms that hired additional workers did so to cope with stronger new orders.
