Irish Services Sector Continues to Grow in June, Offsets Manufacturing’s Decline
Arslan Butt • 1 min read
A couple of days ago, we wrote about how the Irish manufacturing sector contracted for the first time in over 6 years because of concerns over Brexit uncertainties and a weakening global economy.
On the plus side, however, the services sector remained above the threshold of 50, indicating growth. The Ireland AIB services PMI for June ticked slightly lower at 56.9 from 57.0 in May. The total output combined in both sectors also stood above 50, coming at an unchanged reading of 54.4 as in May.
A stronger domestic demand as well as improved flash PMI readings from the US and the Eurozone helped boost the services PMI reading for the month of June. It not only indicates a strong growth in the services sector in Ireland, but also an optimistic outlook among businesses in the sector.
On Wednesday, the weakness in GBP/USD continues, with the forex pair trading at 1.259 at the time of writing.