Service sector contracts for sixth straight month

AIB’s latest PMI report shows growth in the services sector has slowed once more after 32 months of expansion

Technology, media and telecoms reported a growth rate of 59.7, a three month low for the sector. Picture: Getty

The growth of the service sector slowed down to the lowest rate in two and a half years, according to AIB’s latest Purchasing Manager Index (PMI).

The index has fallen for the sixth consecutive month, slowing by almost 2 points in October, from 54.5 in September to 52.6, “indicating the second-weakest rate of growth in the current sequence of expansion of 32 months.”

The headline AIB Ireland Manufacturing PMI is a single-figure indicator of manufacturing ...