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Ireland Services Growth Slows In October

Ireland's service sector growth eased in October, survey data from IHS Markit showed on Wednesday.

The AIB Ireland services Purchasing Managers' Index fell to 63.4 in October from 63.7 in September. Any reading above 50.0 indicates expansion in the sector.

"The index has now been above 60 for six straight months, reflecting the robust pick-up in activity for the sector as pent-up demand continued to be released," Oliver Mangan, AIB chief economist, said.

The volume of incoming new business grew in October and new business from exports rose sharply.

Outstanding workloads accelerated the most over the past twenty-one years in October and workforce increased.

For the next 12 months service providers remained optimistic and overall business expectations softened since July.

Input price inflation rose for the sixth straight month to the highest since November 2000 and charge cost increased to the third-fastest rate on record.

The composite output index, covering manufacturing and services, increased to 62.5 in October from 61.5 in the previous month.

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