The pace of growth in the service sector accelerated in May, new data shows.
The latest AIB Purchasing Managers' Index reveals that the index increased from 53.3 in April, to 55 last month.The pace of expansion was the strongest reading since March and broadly in line with the long-run series average since 2000 of 55.1.There were reports of additional work from existing customers and successful marketing efforts winning new clients.
"Overall, Irish firms continued to report rising levels of new business, and this was linked to solid domestic and international demand, particularly from Europe and the UK," said David McNamara, AIB Chief Economist. Today's data shows that employment continued to rise in the services sector overall and the pace of hiring growth picked up compared to April.Companies in the Irish services sector remained confident of higher business activity over the next 12 months.
Business AIB PMI AIB Purchasing Managers Index Service Sector
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