It’s PMI/ISM day around the world, and we’re covering as many as the countries as we possibly can.
The latest out? Ireland (.pdf).
The Irish manufacturing sector ended the first quarter of 2012 on a positive note, with output, new
orders and employment all rising during the month. Meanwhile, cost inflation accelerated further in
March amid high oil prices. The seasonally adjusted NCB Purchasing Managers’ Index® (PMI®) – an indicator designed to provide a single figure measure of the health of the manufacturing industry – posted 51.5 in March, rising back above the 50.0 no-change mark following the reading of 49.7 in February. Although only slight, the improvement in operating conditions was the first in the past five months.
New Business From Abroad apparently rose at the fastest pace since May, with New Orders surging at the highest rate in 11 months.
This is consistent with what we know about Ireland. While it’s still not back to total health, and its rebound has been overstated, it is the only PIIGS country that seems to have managed an export rebound, making it the best of a troubled lot.