Irish Manufacturing Sector in Contraction for Third Consecutive Month

Arslan Butt•Monday, September 2, 2019•1 min read

Manufacturing activity in Ireland fell lower in August to 48.6 from 48.7 in July, keeping the sector in contraction for the third consecutive month. This is the fastest deterioration the Irish manufacturing sector has witnessed since April 2013.

Declines in manufacturing output, new orders and export sales have contributed to the weakening of the manufacturing sector in Eurozone’s fastest growing economy. Ongoing uncertainties surrounding Brexit have reduced consumer demand considerably, the key driver behind the slide in export sales.

On the positive side, however, employment continued to grow but the rate of job creation increased only marginally in August. It is possible that staffing had climbed higher as companies prepared for Brexit.

Irish manufacturers’ holdings of raw materials and semi-finished items also slid lower, for the first time in nearly a year, and at the fastest pace in 29 months. Purchasing activity also declined for the fourth consecutive month, falling at the steepest pace since September 2011.

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Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.