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Financial News: UK CBI Manufacturing Orders Decline In September

UK CBI Manufacturing Orders Decline In September

09/24/2019 - 06:31:00 (RTTNews)

(RTTNews) - UK manufacturing orders declined in September and output was broadly flat but production is forecast to contract in coming quarter, survey results from the Confederation of British Industry showed Tuesday.

According to Industrial Trends survey, the order book balance fell to -28 percent in September from -13 percent in August. Likewise, the export order book balance declined to -32 percent from -15 percent.

A net 1 percent reported an increase in output volume over the past three months. However, manufacturers expect output to shrink in the coming quarter. A balance of 19 percent projected a fall, which was the weakest since April 2009.

The expectations for growth in average selling prices for the coming three months came in at 12 percent, which was above its long-run average of +3 percent.

Tom Crotty, group director of INEOS and chair of CBI manufacturing council, said "Given there is still no Brexit resolution with just weeks to go until the 31 October deadline, it is no surprise that manufacturers have reported a gloomy outlook."

"Each day of Brexit uncertainty sees firms forced to withhold key investment and recruitment decisions that make a huge difference to communities across the country."

It is therefore crucial that no more time is wasted in ending the Brexit deadlock, and that a damaging no-deal cliff-edge is avoided at all costs, said Crotty.

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