Confidence in the services sector grew at the fastest rate in 18 months in October as a growing number of managers think the recovery can be sustained, a new survey shows today.
The NCB stockbrokers purchasing managers index of conditions in Irish services industries strengthened again to 57.3 in October from the September level of 56.9.
Confidence was supported by the rising level of new orders received in October which saw order books expand for the fifth successive month.
The survey which measures confidence in the services sector showed subcomponents of the index are generally buoyant across the board. A pick-up in employment was recorded for the second successive month as growing demand justified higher staff levels.
NCB said the latest survey results together with yesterday's manufacturing survey, are "indicative of an Irish economy that can participate in a global economic recovery notwithstanding its out performance during the period of weakness."