Irish manufacturers report growth in business

Conditions in Irish manufacturing continued to improve according to the latest NCB Purchasing Managers' Index (PMI) released …

Conditions in Irish manufacturing continued to improve according to the latest NCB Purchasing Managers' Index (PMI) released today.

The survey - which gives a snapshot of conditions in manufacturing - posted a reading of 52.9 to suggest a similar rate of improvement to that recorded in December.

A reading above the 50 cut-off mark survey indicates expansion and a sub-50 figure signifies contraction.

The PMI has now signalled expansion of the sector for 17 consecutive months.

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Underpinning the latest improvement was a further increase in the volume of orders placed with Irish manufacturers compounded by orders from new clients.

Levels of employment at Irish manufacturing firms rose again in January. Furthermore, the rate of job creation was the sharpest for six months.

Panel firms reported that the recruitment drive reflected the upswing in business and renewed confidence for the year ahead.

However, manufacturers also pointed to a further strong increase in average costs in January, which they linked to the rising price of a range of raw materials - particularly  in steel and plastic.