Manufacturing growth rebounded in April from a weather-hit 12-month low the previous month although the expansion in new orders slowed somewhat, a new survey shows today. 

Investec's Manufacturing Purchasing Managers' Index (PMI) improved to 55.3 from 54.1 in March. That was down from an all-time index high of 59.1 in December.

The index has held above the 50 mark separating growth from contraction for the 59th month in a row.

But growth in both new orders and new export orders fell to their slowest rates since 2016, the latest index showed.

"The moderation in client demand has had a knock-on effect on other components of the report," including a cooling of growth in employment and backlogs of work, Investec Ireland's chief economist Philip O'Sullivan said. 

But the survey showed manufacturing managers remained positive, with around 95% of companies saying they anticipate output to be the same or higher in 12 months' time.

"With global growth at a seven year high, we think that this optimism is well-placed," Mr O'Sullivan said.