Market comment - First solid signs of recovery in Irish indigenous manufacturing

Davy Research
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Yesterday’s (June 8th) Irish industrial production release showed that the rebound flagged by the PMI surveys is now showing up in the hard data. Traditional sector output rose by 9% in April, to its second highest level on record, perhaps demonstrating some element of ‘catch-up’ following the COVID-19 related disruption over the past year. However, April’s services output index remained muted, coming too soon before most COVID-19 restrictions were lifted in May, when output should rebound aggressively.