Friday, February 03, 2023

The service sector expanded in January with growth in business activity and staffing numbers coming against a backdrop of easing inflationary pressures, a survey showed on Friday.

The AIB S&P Global Purchasing Managers’ Index (PMI) for services rose to 54.1 from 52.7 in December, when the index broke a four-month run of slowing growth.

The reading contrasts with January flash services PMIs for Britain and the United States that are in contraction territory at 48.0 and 46.6, respectively, while the index for the euro zone stands at 50.7.

Three of the four industries monitored by the survey showed growth, with Transport, Tourism & Leisure the only sector to show a contraction.

Cost pressures across the service sector increased at the weakest pace in 19 months and firms raised their selling prices at the least pronounced rate in 16 months.

Employment continued to grow, but at a modest pace amid reports of voluntary leavers and talent shortages. The rate of job creation was the second weakest in a 23-month positive sequence. -Reuters

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