The NCB Purchasing Managers' Index fell for the third month in a row during October, according to the latest figures published today. The index is now at its lowest level since data were first collected in May 1998.
The PMI, a key indicator of overall manufacturing conditions, slipped to 46.1 in October from 47.7 in September. The survey, which is conducted by NCB Stockbrokers, is seasonally adjusted with readings above 50 indicating growth and below 50 signalling contraction.
The October report showed sharp falls in both output and new orders after the September 11 attacks in New York and Washington.
Commenting on the report, NCB's Senior Economist Eunan King said: 'Post September 11 demand has been severely curtailed, particularly in Ireland's export markets. There is little good news in this report other than input prices'.
Suppliers had responded to weaker demand for materials in October by reducing charges, leading to a fall in overall input costs for the third consecutive month.
The PMI is based on a survey of 285 Irish manufacturing companies and is conducted in association with the Irish Institute of Purchasing and Materials Management.
