Thursday, December 5, 2013

5/12/2013: Irish Services Index, October 2013

So Services PMIs are booming… they are positively booming…


…while in the real world, per CSO:

"The seasonally adjusted monthly services value index decreased by 1.4 % in October 2013 when compared with September 2013 and there was an annual decrease of 1.2%."

M/m on September 2012:

  • Accommodation and Food Service Activities (+1.6%) 
  • Wholesale and Retail Trade (+0.8%) 
  • Professional, Scientific and Technical Activities (-6.0%), 
  • Other Services Activities (-3.5%), 
  • Transportation and Storage (-2.9%), 
  • Information and Communication (-2.5%) and 
  • Administrative and Support Service Activities (-0.3%) 

On an annual basis to October 2012:

  • Administrative and Support Service Activities (+15.4%) 
  • Information and Communication (+0.9%) 
  • Professional, Scientific and Technical Activities (-14.3%), 
  • Other Service Activities (-7.0%), 
  • Transportation and Storage (-3.0%), 
  • Accommodation and Food Service Activities (-2.0%) and 
  • Wholesale and Retail Trade (-0.8%)  

Oh, and do notice the 'Smart economy' bits... the Professional, Scientific and Technical Activities down -6.0% m/m and 14.3% y/y. And the area of growth in employment known as Accommodation and Food Service Activities down -2.0% y/y... this data is bizarre and will require confirmation once we have full quarter results to make any sense of... but one thing is clear: Irish Services PMI is just not that good at measuring anything that registers as Services sector in Ireland.

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