DUBLIN, April 3 (Xinhua) -- Ireland March manufacturing Purchasing Managers' Index (PMI) moderated to a 12-month low due to the impact of a massive snowstorm that hit the country in the last month, said a report released here on Tuesday.
The latest Investec Manufacturing PMI Ireland report said that the Irish manufacturing sector continued to expand in March, but the growth rate had slowed down from 56.2 in February to 54.1, the lowest rate recorded over the past 12 months.
The report attributed the slowdown mainly to the severe snowstorm that hit Ireland towards the end of last month, which resulted in days of closures of roads, airports and many businesses in the country.
The disruptions caused by the snowstorm led to a sharp drop in the country's manufacturing activities, sending the output sub-index of the composite manufacturing PMI nearly below the reading of 50 in March, said the report.
A reading above 50 indicates expansion while a reading below 50 indicates contraction.
The extreme poor weather conditions also had a detrimental impact on suppliers' delivery times with the March suppliers' delivery times sub-index standing only slightly above 40, one of the lowest readings ever recorded since 1998, the report said.
The impact of the snowstorm also resulted in a drop in the inventories of manufacturers with the March stocks of finished goods sub-index falling below 45, ending a four-month sequence of accumulation, it said.
Despite the severe impact of the snowstorm, most of the Irish manufacturers reported increases in their new orders and employment levels in March with the new orders sub-index and the employment sub-index for the month both standing at around 55, said the report.
The increased staffing levels of the Irish manufacturers in March reflected their optimistic attitudes towards the future, said Philip O'Sullivan, chief economist of the report.
"Given the generally supportive international backdrop we view this optimism as well-founded," he said, adding that he would expect a marked improvement when the April Manufacturing PMI report is released.
The Investec Manufacturing PMI Ireland report is released monthly by Investec, a leading specialist bank in Ireland, based on surveys of purchasing executives from around 285 private manufacturers in the country.