Irish factory activity recuperates from COVID-19 damages: PMI
Ireland’s manufacturing sector recovered slightly after its historic drop in April. Though indicators underscored recovery, it still declined in May as the economy started emerging from government-implemented lockdowns, a survey showed on Tuesday.
The AIB IHS Markit manufacturing Purchasing Managers’ Index (PMI) fared better than its previous record as it advanced to 39.2 from 36.0 in April. Moreover, government data indicated that the country’s unemployment rate leveled off despite the historic 28.8% record.
The index recovered from a sudden downturn but it still placed below the 50 mark that separates growth from contraction. Even though outputs, new orders, and export sub-indexes recuperated from low grounds, they still placed at their second-lowest level since index monitoring began 22 years ago.