DAVY VIEW

This morning’s Irish Construction PMI at 49.4 in May is still below the 50 no-change level but suggests that activity will pick up in the coming months. New orders rose for a fourth consecutive month – firms added to their employment, increased their purchasing activity and were optimistic on prospects for the next 12 months. Also, supply-chain issues are dissipating, with input cost inflation easing to a 33-month low in May.