Goods producers scaled back production at a rate that was among the sharpest on record, according to AIB
Purchasing activity was pared back markedly but employment growth was renewed. Elsewhere, falls in both input costs and output charges were sustained in July with the drop in the former the quickest since April 2020.
Lower sales volumes, in turn, fed through to another cut in manufacturing production in July, the fifth fall in as many months. The pace of decline was substantial overall and among the sharpest in the survey history, which dates back to May 1998. Weakening demand for inputs meant that suppliers remained able to deliver materials in a timely manner during July. Vendor performance improved for the fifth month in succession, albeit to the least pronounced extent over this period.
In terms of inflation, a combination of falling raw material costs and declining supplier charges supported further price decreases. The drop in input costs was the fourth in consecutive months and accelerated to the quickest since April 2020.
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