Manufacturing slump continues as Brexit fears mount
Confidence among Irish manufacturing businesses sank to the lowest level in more than seven years in September, as orders from abroad fell at their fastest pace since 2009
New figures show that activity in the Irish manufacturing sector fell for the fourth month in a row in September, with Brexit hitting sales to the UK and optimism among firms sliding to its lowest level in seven years.
The AIB manufacturing PMI came in at 48.7, a marginal rise from August’s 48.6 but still below the 50 mark which indicates growth.
"The weak Irish data of recent months clearly show that the sharp slowdown in global manufacturing over the past year or more is being felt in Ireland also,” said AIB chief economist Oliver Mangan, who added thatBrexit concerns were an additional negative for Irish factories.