May Japan PMI data pointed to another month in which the Japanese manufacturing sector contracted. However, the seasonally adjusted headline Purchasing Managers’ Index (PMI) rose sharply to 46.6, from 41.4 in the previous month, pointing to the slowest deterioration in operating conditions for nine months. Meanwhile, industrial output surged the most in 56 years, in April.

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New US home sales rose 0.3 percent in April as prices continued to fall. Separately, durable goods orders rose 0.8%, while continuing jobless claims hit a new record for 17th consecutive week.

On an annual basis production for Manufacturing Industries for March 2009 was 6.7% lower than in March 2008, according to the CSO. The most significant changes were in the following sectors: Radio television and communications (-29.8%), Publishing, printing and reproduction of recorded media (-21.8%) and the US dominated Chemical, chemical products and man-made fibres (+19.2%). The seasonally adjusted volume of industrial production for Manufacturing Industries for the three month period January to March 2009 was 5.7% higher than in the preceding three month period.

A wind energy development co-operative in County Clare today announced plans to construct one of Ireland’s largest wind farms. The country’s largest community wind farm is to be developed on Mount Callan in County Clare. The project, West Clare Renewable Energy, involves 30 farm families; will require an investment of €200m; to be capable of meeting the energy needs of all of Clare and half of County Limerick. In related news, Sustainable Energy Ireland (SEI)  said today, that the Irish economy recorded savings of €750m in 2007 as a result of energy efficiency measures undertaken since 1995.

Quinn Glass confirmed today, that it has lodged an appeal against the enforcement proceedings brought by Chester West and Cheshire Council to demolish its Ellesmere Port factory - - Europe’s biggest integrated glass container manufacturing and filling facility -  - within 18 months from tomorrow. Production at the site was ordered to cease within nine months, further to planning dispute, which was initiated by Irish-controlled Ardagh Glass.

The CSO reported today that seasonally adjusted Irish merchandise exports fell by 6% and imports were unchanged in March, relative to February 2009. Relative to January 2009, exports and imports both increased by 6% in February 2009. In US-owned sector Chemical exports outpaced plunge in IT (information technology) equipment.

The European Commission said today that in May, the Economic Sentiment Indicator (ESI) for the EU and the Eurozone picked up for the second month in a row, albeit from a very low level and at a slower pace than in April, when a clear rebound was observed. The ESI increased by 2.8 points in the EU, and by 2.1 points in the Eurozone, to 66.7 and 69.3 respectively.

Retail business in Eurozone continued to worsen in May. The Bloomberg Eurozone Retail Purchasing Managers’ Index (PMI), is based on a mid-month survey of more than 1,000 executives in the region’s retail sector and provides data one month ahead of government-issued figures. Remaining below 50.0 and signaling contraction of monthly sales, the seasonally adjusted PMI registered 47.1 in May. Moreover, the decline in the index from 48.4 in April pointed to a slightly faster rate of decline. Meanwhile, also in May, Eurozone GDP trend growth has risen from the low reached in the first quarter of 2009, though remaining very subdued, according to the EuroCoin indicator.

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