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Out of Office: Moody’s upgrades Ireland’s credit rating; NTMA bond auction cancelled

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The rate of job creation is slowing in the North as inflation has resulted in declining growth, according to Ulster Bank’s purchasing managers index (PMI) for April. The index showed business activity is still growing in all sectors apart from construction, but the rate of expansion has been subject to monthly declines this year. Delivery delays from suppliers remained “widespread” and business confidence lessened due to worries about costs.

The National Treasury Management Agency (NTMA) has cancelled its planned June bond auction due to the economy’s strong performance this year and the exchequer’s lower expected borrowing requirement for 2022. The Department of Finance has said the budget deficit is expected to narrow at a faster than expected rate this year.