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Ireland's NCB services purchasing managers' index or PMI dropped to 46.8 in November from 47.4 in October, the Markit Economics said on Thursday.
A PMI reading above 50 indicates expansion in the sector and below 50 suggests contraction. The services activity has been falling since February 2008. However, Irish services companies remained optimistic that activity will be higher in twelve months' time.
New orders declined for the twenty-second straight month in November, while outstanding business dropped for the twenty-seventh consecutive month.
Brian Devine, economist at NCB Stockbrokers said, "The services PMI is more directly correlated with domestic demand than manufacturing output. As such, it is not surprising that the services PMI has lagged behind the manufacturing PMI, which saw output expand in November, but fragile domestic demand has been dealt a further blow by the flooding that has besieged certain areas of the country."
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