03.12.202007:20:00UTC+00Ireland Service Sector Falls Sharply In November

Ireland's service sector contracted sharply in November, survey data from IHS Markit showed on Thursday.

The AIB Ireland services Purchasing Managers' Index fell to 45.4 in November from 48.3 in October. Any score below 50 indicates contraction in the sector.

The latest reading was the lowest since January 2010.

New business declined for the third month in a row in November, but the rate of reduction was the slowest since October.

New work fell more slowly than total activity in November that rose in three out of four sub-sectors. Outstanding business grew for the first time since February and backlogs fell in transport, tourism and leisure.

Employment declined for the ninth month in a row in November.

Firms were more optimistic regarding expected activity in the 12 months' time since February and the overall strength of sentiment remained weaker.

Input prices rose at the fastest pace since February, while pressure on profit rose as charged prices dropped for the first time in three months in November.

Private sector output, covering manufacturing and services, decreased for the third straight month in November. The composite output index fell to 47.7 in November from 49.0 in October.