Ireland's manufacturing sector grows for 13th month

Ireland's manufacturing sector grew for the 13th consecutive month in June as new orders rose at its fastest pace in 40 months, according to a survey published on Tuesday.
The purchasing managers' index (PMI), compiled by financial group Investec, stood at 55.3 in June, up slightly from 55.0 in May.
The PMI is designed to provide a single-figure measure of the health of the Irish manufacturing industry, and is based on data compiled from monthly replies to questionnaires sent to purchasing executives in around 285 industrial companies.
The survey said the recovery in the Irish manufacturing sector continued at the end of the second quarter of the year as new business growth accelerated during June.
Firms used inventories to help fulfil new orders and stocks of finished goods fell solidly as a result, it said.
The survey also said the rate of expansion in output eased, but remained marked.
Cost inflationary pressures were muted again in June, while output prices were raised for the first time in six months, it said.
Commenting on the manufacturing PMI survey data, Philip O' Sullivan, chief economist at Investec Ireland, said the solid rate of growth in June was driven by further strength in new orders.
"The sharp increase in new orders was attributed to improving economic conditions and higher demand from abroad, with the rate of growth in new export orders rising to the highest level in over three years," said O' Sullivan.
Britain and Asia were cited as key sources of growth in export business during the month.