The AIB Ireland Manufacturing Purchasing Managers' Index (PMI) experienced a notable decline in September 2024, dropping to 49.4 from August's mark of 50.4. This shift puts the index below the crucial 50.0 threshold, indicating a contraction in the sector for the first time in recent months. The data was updated on 01 October 2024.
The PMI is a vital indicator of the economic health of the manufacturing sector, with a reading above 50.0 signifying expansion, while a figure below 50.0 suggests contraction. With September's index falling to 49.4, concerns are rising about the manufacturing industry's near-term outlook in Ireland.
This latest update signals potential challenges and uncertainties that Irish manufacturers might face, including fluctuating demand and potential supply chain disruptions. Stakeholders and policymakers will likely keep a close watch on this trend to strategize and mitigate any negative impacts on the sector and the broader economy.