Ireland's services sector showed signs of a pick-up in June, according to the latest survey on activity in the services sector released today.
The Purchasing Managers' Services Index from NCB Stockbrokers recorded a reading of 50.2, indicating an expansion of activity in June. A reading of above 50 indicates growth in the sector.
June signalled an increase in activity in new business, although the rise was only marginal after contraction in the past three months.
But companies reported they were still cutting staff to reduce excess capacity. June was the 12th successive month that jobs were cut in the services sector.
Commenting on the survey, NCB senior economist Mr Eunan King said the service economy grew in June as confidence rose in the wake of the Iraq war and the easing of fears over SARS.