Manufacturing PMI for November released by market and Investec today shows slight slowdown in the rate of manufacturing sector expansion in Ireland.
Overall PMI declined from blistering 54.9 in October to more moderate and sustainable 52.4 in November. October reading was remarkable as it was the highest PMI reading posted since 56.0 was recorded in April 2011. Thus, some moderation was expected.
November reading pushed 12mo MA to 51.1, implying that on average Irish manufacturing was expanding over the last 12 months. 6mo MA is at 52.2 and 3mo MA is 53.3 through November, up on 51.1 3mo average through August 2013. Current 3mo average is ahead of that for 2010, 2011 and 2012. even setting October reading at 3mo MA level through September still leaves the average ahead of 2010-2012.
Current reading remains in statistically significant territory - another added positive.
Aside from that, no comment is possible, since Investec and Markit are continuing not to release underlying sub-indices.
With the above we can now confirm a new upward sub-trend from May 2013. Let's hope it will continue.