Irish Manufacturing PMI released by Investec/Markit today signalled de-acceleration of growth in September.
- Headline Manufacturing PMI declined from 57.3 in August to 55.7 in September. The reading is still ahead of July 55.4 and remains statistically significant above 50.
September correction does not represent a shift in the trend, which remains solidly up:
- 12mo MA is at 54.7 and September reading is ahead of that. Current 3mo MA is at 56.1 and well ahed of previous 3mo MA of 55.5. 3mo MA through September is solidly ahead of the same period readings in 2010-2013.
Investec release provides some comments on the underlying series sub-trends, but I am not inclined to entertain what is not backed by reported numbers.
On the balance, it appears that Manufacturing sector retain core strengths and that expansion continues. This marks thirteenth consecutive month of PMI readings above 50 (statistically significant) and 16th consecutive month of PMI reading above 50 (notional).