Stronger exports support manufacturing in January

Manufacturing activity declined at a slower rate in January as export orders rose at their fastest pace in nearly two years, new figures show.

The AIB S&P Global manufacturing Purchasing Managers' Index (PMI) improved to 49.5 in January from 48.9 in December.

In November, it was 50, the level that separates expansion from contraction.

The index has been marginally below 50 for 11 of the last 15 months.

January saw a rise in manufacturing output, export orders and employment alongside marked destocking, the survey's authors said. But new orders fell again on weaker domestic demand.

Higher demand in Europe and Asia were cited as factors in the rebound in exports. -Reuters