From 52.6 in October, the AIB Global S&P Purchasing Managers' Index (PMI) increased to 54.2. Since early 2021, and for the majority of this year, the index has remained comfortably over the 50-point threshold that divides expansion from contraction.
The first increase in new business in six months and a resurgence in new export orders—which had declined in October for the first time in thirty-two months—were the main drivers of the quicker expansion.
The rates that service providers charged, although still very high, slowed to a two-and-a-half year low, alleviating some of the cost constraints.
Following a strong recovery from the Covid pandemic, activity has weakened more widely in Ireland in recent months. Unemployment increased to 4.8% from a nearly record low of 4.1% in February, and data released on Friday revealed that the country's economy did not expand between the second and third quarters.
According to the survey's authors, there was “a general mood of optimism that economic conditions will improve in 2024” in November, when the service sector enterprises polled were likewise at their most confident in six months.