Manufacturing sees fastest rise in new work in two years [Video]

The Irish manufacturing sector looks to be on the up after the latest Purchasing Managers Index (PMI) showed growth in the sector during October.

New figures released by AIB also reveal the country saw the strongest upturn in new work since May 2022.

According to AIB’s October PMI, the manufacturing sector recorded a reading of 51.5 — up from a 49.4 in September.

Elsewhere, the eurozone, US, and the UK recorded manufacturing PMIs of 45.9, 47.8, and 50.3 respectively.

The PMI is a single figure indicator of the manufacturing sector’s performance where any number above 50 indicates growth.

The reading is taken from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases.

AIB said the rise in the PMI was driven by a rebound in new business intakes, with new orders improving for the first time in eight months. 

The data indicates that new orders improved for the first time in eight months and encouragingly …