DUBLIN (dpa-AFX) - Ireland's services sector expanded at the fastest pace since last November amid rise in new orders and job creation, survey data from IHS Markit showed on Thursday.
The services Purchasing Managers' Index rose to 57.0 in May from 54.7 in April. The pace of expansion was the fastest in six months.
The composite output index grew to 54.1in May from 53.4 in the previous month. Any reading above 50 indicates expansion in the sector.
Private sector new business increased at a faster pace driven by the biggest growth in service orders for five months. New business from abroad in the service sector accelerated since the beginning of the year.
Backlog accumulation was the quickest since July last year with faster growth in new orders. Growth in employment was solid and slightly faster.
On the price front, input price inflation rose to the highest in three months driven by high costs in fuel and staffing. Output charges grew with rate of inflation to a three-month high.
Business sentiment picked up in May and was the sharpest since the beginning of the year.
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