NCB stockbrokers will set up a new monthly economic indicator for the Republic, the NCB Purchasing Managers Index, dealing specifically with manufacturing industry, on October 1st.

Mr Dermot O'Brien, head of economic research at NCB, said the index's key advantage would be the timeliness of the information.

"The survey will be conducted in the middle of each month and the results published on the first working day of the following month. It will be much more up-to-date than the existing official data, which are published every six months."

The index will be compiled by NTC Research in association with the Irish Institute of Purchasing and Materials Management.

It will provide a monthly measure of developments in manufacturing based on a survey of senior executives, usually with purchasing responsibilities.

NCB plan to produce indices for retailing, construction and services as well as an overall private sector economy index within 12 months.

The methodology is based on the US index of National Association of Purchasing Managers, regarded as one of the key economic indicators for the US.