Services PMI for Ireland are out today, so here is the update on combined PMIs. You can read my analysis of the Manufacturing PMIs here: http://trueeconomics.blogspot.ie/2014/09/192014-irish-manufacturing-pmi-august.html
Services sector in Ireland posted another month of high level growth in activity in August.
- August PMI for Services sectors (Markit and Investec) rose to 62.4 from 61.3 in July and up on 61.6 in August 2013.
- This marks 6th consecutive month of readings above 60 (which signify rapid growth), and 25th consecutive month of readings above 50 (which signify growth).
- 3mo average through May 2014 was 61.4 and 3mo average through August is at 62.1, showing continued trend support above 60-61 mark.
Chart below illustrates both series - Manufacturing and Services:
The above shows that both Manufacturing and Services sectors are now running at the levels well above their post-crisis period average.
Chart below shows the growth estimates consistent with averages:
The above shows some good news: current trend is above already robust long-term growth estimate.
The chart below combines both PMIs and shows that the two sectors together now fully supporting growth in the economy - which is a good news and a significant gain on 2013 and 2012.
So overall, strong news from the PMIs.