Half of the services sectors surveyed are already contracting, according to data for October
AIB chief economist Oliver Mangan says the index shows 'modest growth' but a 'marked slowing in the pace of expansion in services'. Photograph: Hon Lau/Agency Photos’s chief economist saying a slowing of new business was of “particular concern”, pointing to a likely further loss of momentum in the sector in the coming months.
AIB chief economist Oliver Mangan said the index showed “modest growth” but a “marked slowing in the pace of expansion in services”.‘A badly neglected market’: Dairy-free ice cream aimed at people who suffer from allergies “This points to weakening demand conditions and a likely further loss of momentum in the sector in the next couple of months,” he said.
Mr Mangan said that while inflationary pressures in services eased in October, they remained elevated. “Input prices continued to experience upward pressure from higher wages, fuel costs and utility bills. Higher operating costs are still being passed on to customers in higher selling prices, though the rate of increase was the second lowest in over two years,” he said.
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