The services sector activity expanded slightly slower in December but growth in new business hit its fastest pace since March and optimism for the coming 12 months improved, a survey showed today.
The AIB Global S&P Purchasing Managers’ Index (PMI) slipped to 57.1 in December from 58.3 in November, but remained well above the 50 level than signals growth and above the long-run trend level of 55.1.
“The expansion in December was driven by a rapid increase in new business, and solid gains in outstanding business and employment,” AIB’s chief economist David McNamara said in a statement.
The rate of growth in the Irish services sector was faster than the flash euro zone and UK PMIs, both at 51.4, but slower than the US flash PMI of 58.5.
All four sub-sectors saw strong growth in Ireland, with Transport, Tourism & Leisure the best performer.
Confidence in future business activity rose to its highest level in ten months, with nearly half of companies expecting growth in the coming year.
Article Source – Services new business growth hits nine-month high in December – PMI – RTE
