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13/10/2014
Economy Growth Slows
Northern Ireland's economy continues to recover, but growth has eased to an 11-month low, according to the latest Ulster Bank Purchasing Managers' Index.
The private sector remained strong at the end of the third quarter of 2014, as further sharp rises in activity and new business were recorded. However, the rate of expansion in new orders eased for the second month running. With new business increasing, companies raised staffing levels. Cost inflation continued to slow, while selling prices were reduced for the first time since February.
The Business Activity Index rose to 57.4 in September from 56.7 in August, indicating further increase in activity at private sector firms. This means activity has risen in each of the past 15 months. Manufacturing posted the strongest growth in output.
Despite this, the rate of expansion in new business slowed for the second month running in September and was the weakest since October 2013. New export orders rose, with respondents mentioning higher new business from the Republic of Ireland.
Some firms reported that rising new orders had led outstanding business to accumulate, while others reported efforts to reduce work-in-hand.
September saw a further increase in employment in Northern Ireland, according to the report, marking the fifteenth in as many months. Job creation was recorded across all four monitored sectors, but the rise in staffing levels in Northern Ireland was weaker than the UK average.
Input prices continued to rise, but the rate slowed for the second month running to the weakest since June 2012. Input costs rose at weaker rates in each of the four monitored sectors.
Companies lowered output prices for the first time in seven months during September, although only marginally. Lower selling prices were recorded at services and retail companies, with charges rising in the manufacturing and construction sectors.
(IT/CD)
The private sector remained strong at the end of the third quarter of 2014, as further sharp rises in activity and new business were recorded. However, the rate of expansion in new orders eased for the second month running. With new business increasing, companies raised staffing levels. Cost inflation continued to slow, while selling prices were reduced for the first time since February.
The Business Activity Index rose to 57.4 in September from 56.7 in August, indicating further increase in activity at private sector firms. This means activity has risen in each of the past 15 months. Manufacturing posted the strongest growth in output.
Despite this, the rate of expansion in new business slowed for the second month running in September and was the weakest since October 2013. New export orders rose, with respondents mentioning higher new business from the Republic of Ireland.
Some firms reported that rising new orders had led outstanding business to accumulate, while others reported efforts to reduce work-in-hand.
September saw a further increase in employment in Northern Ireland, according to the report, marking the fifteenth in as many months. Job creation was recorded across all four monitored sectors, but the rise in staffing levels in Northern Ireland was weaker than the UK average.
Input prices continued to rise, but the rate slowed for the second month running to the weakest since June 2012. Input costs rose at weaker rates in each of the four monitored sectors.
Companies lowered output prices for the first time in seven months during September, although only marginally. Lower selling prices were recorded at services and retail companies, with charges rising in the manufacturing and construction sectors.
(IT/CD)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
