Export growth created a spike in manufacturing activity November

It seems that Brexit fears are easing for now

Export growth created a spike in manufacturing activity November

William Murphy, Flickr

Manufacturing activity picked up in Ireland during November, according to the Investec Manufacturing PMI.

The index rose to an eight month high of 53.7 - that's up from 52.1 in October. Any value above 50 indicates growth.

Output, New Orders and Employment all recorded expansion. Expansion in New Orders ticked up in November, the real highlight was a marked improvement in the New Export Orders component, with panelists reporting increased demand from customers in Asia, Europe and the US.

The report says that this could be a sign that fears of a Hard Brexit are receding.

Investec notes that the month experienced the fastest increase in Backlogs of Work in the history of the series which began in 2002.

Buoyed by increased client demand, Irish manufacturing firms stepped up both their Quantity of Purchases - they grew at its fastest pace in the current three-month sequence of expansion.

The survey's employment component recorded its fastest rate of growth for 16 months.

The rate of input price inflation quickened for the second month running as raw material costs increased and the euro dipped against the dollar.