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Financial News: British Manufacturing Orders Strongest Since 1988

British Manufacturing Orders Strongest Since 1988

06/22/2017 - 06:25:00 (RTTNews)

(RTTNews) - UK total order books strengthened to a near three-decade high in June, the Industrial Trends Survey from the Confederation of British Industry showed Thursday.

The total order books rose to +16 percent in June, the highest since August 1988. At the same time, the export order book balance came in at +13 percent, the strongest since June 1995.

Manufacturers expect output to grow at the same robust pace in the coming quarter, with 37 percent predicting growth, and 9 percent a decline, giving a rounded balance of +27 percent.

Average selling prices are still expected to rise in line with the level seen in May.

"Britain's manufacturers are continuing to see demand for "Made in Britain" goods rise with the temperature," Rain Newton-Smith, CBI chief economist, said.

"Nevertheless, with cost pressures remaining elevated it's no surprise to see that manufacturers continue to have high expectations for the prices they plan to charge," the economist added.

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