Markit/Investec released PMI for Services for Ireland, so we can update now monthly series for both Manufacturing (see post here) and Services, as well as (in the follow up post to come next) the Composite Activity Index for the economy.
On Services PMI side:
- Main activity indicator firmed up to 62.6 from 61.7 in May, marking the highest level of PMI since February 2007.
- 3mo MA is now at 62.1 against previous of 59.9. Year on year, 3mo MA is up 7.8 points
- Compared to the full sample average (54.1) current activity levels are running well above the levels consistent with 'normal' growth and these are statistically significantly above the expansion line.
As chart below shows, we are now into expansion territory for both indices, which is a marked change on June 2013 and June 2012.
Next post will cover Q2 data for Services and Manufacturing PMIs and Composite Index.