(Alliance News) - Irish service activity growth continued to be "solid" in June albeit slowing from May, data published by S&P Global showed Wednesday.
The AIB Ireland services business activity index declined to 54.2 in June from 55.0 in May. Falling towards the 50-mark separating growth from contraction, it indicates the pace of growth slowed.
The rate of growth was "solid" albeit the weakest since January and below the long-run trend, S&P Global highlighted.
Meanwhile, the AIB Ireland composite PMI output index fell to 50.1 in June from 52.5 in May.
"Incoming new business declined slightly, as a slower rise in demand for services was accompanied by a stronger fall in manufacturing new orders," S&P Global said, adding that employment growth was at the weakest since February 2021.
"Input price inflation slowed to a seven-month low in June, and remained below the long-run series average. In contrast, output price inflation accelerated and remained well above the historic trend," S&P Global said.
David McNamara, AIB chief economist said: "Overall, Irish firms continued to report rising levels of new business, and this was linked to domestic and international demand, albeit at a slower pace than in May. The volume of outstanding work also rose again on the month, but performance varied across sectors."
The AIB Ireland Services PMI is compiled by S&P Global from responses to questionnaires sent to a panel of around 400 service sector companies. The sectors covered include consumer (excluding retail), transport, information, communication, finance, insurance, real estate and business services. The data were collected between June 12 and 25.
By Tom Budszus, Alliance News slot editor
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