Business conditions in the manufacturing economy improved for the fifteenth month in a row in November, according to the latest NCB Purchasing Managers Index.
However at 51.3, the seasonally adjusted index showed that the latest improvement in business conditions was of a similar modest nature to that observed in October. The index had stood at 51.4 in October.
The PMI is an indicator designed to provide a single measure of the economic health of the manufacturing industry. Any figure above 50 signals growth.
NCB said that the rates of growth in output and new business in November remained well down on those recorded earlier in the year.
'Overall it would appear that the manufacturing economy is in a state of steady growth,' commented NCB's senior economist Eunan King.
'Conditions in manufacturing in November continued to show growth, though the pace was stable relative to October. New orders and export orders accelerated modestly but the pace of output growth slowed marginally,' he said.
He added that while employment grew further, it was not at the pace set earlier in the year. 'The pace of input price inflation decelerated and output prices rose modestly,' the economist said.
The PMI revealed that average costs facing Irish manufacturers continued to soar in November. Panel members linked the increase to higher raw material costs, especially for steel, and the surging price of oil.
