Scrapping of Covid curbs lifts service sector growth

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The AIB IHS Markit Purchasing Managers' Index (PMI) moved up to 56.2 in January from 55.4 in December, with the rate of expansion well ahead of the 50 mark that separates growth from contraction.

The rate of expansion was well ahead of the 50 mark that separates growth from contraction but among the weakest registered in the current 11-month upturn.

Cost pressures remained elevated, but the rate of input price inflation eased to a six-month low, while charges increased at the softest rate since last September. "This is in contrast to the trend in other countries where Omicron weighed on the sector. The flash January Services PMI readings for the euro zone, UK and US fell to 51.2, 53.3 and 50.9, respectively, well below the Irish level," he added.

 

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