DAVY VIEW

Yesterday’s (June 8th) Irish industrial production release showed that the rebound flagged by the PMI surveys is now showing up in the hard data. Traditional sector output rose by 9% in April, to its second highest level on record, perhaps demonstrating some element of ‘catch-up’ following the COVID-19 related disruption over the past year. However, April’s services output index remained muted, coming too soon before most COVID-19 restrictions were lifted in May, when output should rebound aggressively.