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08/11/2010
Faltering Construction Sector Leads Decline
There's more gloom today with news that the Irish Republic's construction sector declined at a faster pace in October than previous months as uncertainty led to a fall in new business.
With similar bad news in Northern Ireland, the authorative Ulster Bank Construction Purchasing Managers' Index (PMI) found purchasing activity in Ireland decreased strongly in response to contracting demand, while firms continued to reduce employment.
The renewed weakness in October was concentrated in the civil engineering and commercial sub-sectors.
While activity in the housing sector continued to fall, the rate of contraction eased back, albeit in the context of extremely low levels of activity.
The research released by Ulster Bank on Northern Ireland also showed a slump in the private sector, with October figures recording the sharpest drop in three months.
Chief economist for Ulster Bank in Northern Ireland, Richard Ramsey, said that the data pointed to the prospect of further unemployment: "Whilst the October survey saw the UK post its strongest rate of growth in three months, Northern Ireland's private sector firms reported their sharpest rate of decline over the same period.
"This highlights that the two economies continue to move in opposite directions. To date, there has been only one month during the last 35 months when Northern Ireland firms have not posted a fall in business output."
Pointing to other pressures on the local economy, he added: "Given this context, the trend in job losses, which has now been a feature since March 2008, is set to continue for some time yet."
The October survey also found that new business fell sharply in October and that employee numbers also fell.
All sectors recorded a decline in new orders in October with retail, services and construction reporting the most severe declines.
(BMcC/GK)
With similar bad news in Northern Ireland, the authorative Ulster Bank Construction Purchasing Managers' Index (PMI) found purchasing activity in Ireland decreased strongly in response to contracting demand, while firms continued to reduce employment.
The renewed weakness in October was concentrated in the civil engineering and commercial sub-sectors.
While activity in the housing sector continued to fall, the rate of contraction eased back, albeit in the context of extremely low levels of activity.
The research released by Ulster Bank on Northern Ireland also showed a slump in the private sector, with October figures recording the sharpest drop in three months.
Chief economist for Ulster Bank in Northern Ireland, Richard Ramsey, said that the data pointed to the prospect of further unemployment: "Whilst the October survey saw the UK post its strongest rate of growth in three months, Northern Ireland's private sector firms reported their sharpest rate of decline over the same period.
"This highlights that the two economies continue to move in opposite directions. To date, there has been only one month during the last 35 months when Northern Ireland firms have not posted a fall in business output."
Pointing to other pressures on the local economy, he added: "Given this context, the trend in job losses, which has now been a feature since March 2008, is set to continue for some time yet."
The October survey also found that new business fell sharply in October and that employee numbers also fell.
All sectors recorded a decline in new orders in October with retail, services and construction reporting the most severe declines.
(BMcC/GK)
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Northern Ireland WeatherToday:A chilly start with a widespread frost and some freezing fog, any freezing fog slow to clear. Otherwise bright with sunny spells and coastal showers. Light winds. Maximum temperature 6 °C.Tonight:Coastal showers dying out with a widespread frost developing along with freezing fog, which could become extensive. Winds remaining light. Minimum temperature -3 °C.
