Record Fall In Service Sector Activity

03/07/08: Activity in the Irish services sector contracted at a record rate in June, according to the latest NCB services PMI. The index recorded the sharpest in the eight-year survey history during June. The NCB Services PMI recorded 41.9, the lowest in the survey's eight-year history. Any figure below 50 means activity fell. Activity has now fallen in each month since February. NCB said the sharp fall in activity was linked by firms to reduced new business levels and worsening economic conditions. Commenting on the data, Eunan King, chief economist at NCB Stockbrokers said: “Activity in the services sector is being squeezed by rising costs and a deterioration in the wider economy. Unsurprisingly, confidence weakened and was at its second lowest in the series history. All in all, the environment remains tough for the... [read full story]