Irish manufacturing declines for first time in six years
Inflows of new business fell for the second month and at the fastest rate since the beginning of 2012, according to the AIB Ireland Manufacturing PMI for June. Forward looking sentiment eased to a 34-month low. The PMI for June read 49.8, down from 50.4 in May. Respondents attributed the fall to softer demand conditions and ongoing Brexit-related uncertainty.
Manufacturing output increased in June, rebounding from a decline in May, but the rate of expansion was marginal. Stocks of finished goods increased sharply in June, with some respondents saying they had built stocks in the hope of seeing a new order improvement. Inventories of raw materials and semi-finished items increased for the ninth successive month. Manufacturing backlogs declined.
Input inflation increased, albeit not strongly, in June, mainly on increases in steel. Output prices increased marginally.