DUBLIN (dpa-AFX) - Ireland's service sector activity expanded at the weakest pace in one-and-a-half years in July amid slower rises in output and new business, data released by S&P Global showed on Wednesday.
The AIB Ireland Services Purchasing Managers' Index fell to 50.9 in July from 51.5 in June. However, any reading above 50 suggests expansion in the sector.
The demand for services in Ireland increased at the slowest pace since the current upturn began in March 2021, with transport, tourism, and leisure posting a fifth successive decline in new work. International sales also rose at a weaker rate.
Although firms continued to add to their workforce numbers, the rate of job creation eased to a 6-month low in July. Meanwhile, outstanding business stabilized after a renewed decline in June.
On the price front, cost pressures continued to ease, as average input prices increased at the joint-weakest rate since February 2021. Selling prices rose at a stable rate amid subdued market conditions.
Looking ahead, service providers remained confident about expected activity over the next twelve months, linked to new products, investment, and pent-up infrastructure demand.
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