Activity in the Irish manufacturing industry contracted last month, with the NCB purchasing managers' index dipping below the 50 mark again.
The November PMI fell to 48.5 from 50.1 in October as both output and new orders fell after increases the previous month. Cost inflation was the slowest since January 2010 on the back of weak demand.
Any figure under 50 signals contraction, while a figure over 50 is an indication of growth.
NCB said that business conditions in the manufacturing industry have worsened in five of the past six months, but the November decline was only slight.
The index shows reveals a marginal reduction in new orders at manufacturing firms with evidence pointing to a weakening demand as a major factor for the decline as companies were reluctant to commit to new projects.
It also shows that new export orders eased fractionally in November. New business from abroad has decreased for three months in a row, with companies especially seeing a reduced demand from European markets.
Employment levels in manufacturing firms fell again in November - the third fall in a row - but the latest round of job cuts was only modest and the weakest in the current sequence of decline.
NCB said the pace of decline in output prices last month accelerated to the sharpest since March 2010 with intense competitive pressures behind the latest fall in prices.
Cost inflation moderated in November and was the slowest in 22 months. NCB noted that any cost increases were linked to higher oil and material costs, while some companies noted that weak demand for inputs had led to discounts being offered.
NCB's chief economist Brian Devine said the fact that new export orders continued to remain weak was no surprise given that the euro zone is Ireland's biggest trading partner.
''The fact that the US economy continues to perform better than expected is a counterbalance and likely explains Ireland's better performance relative to other euro zone economies,'' he added.
