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Financial News: UK Manufacturers' Order Book Lowest Since Late 2016:

UK Manufacturers' Order Book Lowest Since Late 2016: CBI

05/22/2018 - 06:57:00 (RTTNews)

(RTTNews) - UK manufacturers order books reached its lowest level since late 2016, the latest Industrial Trends Survey from the Confederation of British Industry showed Tuesday.

The total order book balance fell to -3 percent in May, the lowest since November 2016. A net 8 percent reported above normal export order books level.

A net 3 percent reported an increase in volume of output over three months to May, the lowest since April 2016.

Nonetheless, manufacturers expect output to grow at a more robust pace in the coming quarter, with a balance of +27 percent.

The balance for expectations for growth in average selling prices for the coming three months, rose slightly to +19 percent compared to +18 percent in the previous period.

"Overseas markets are crucial for the prospects of UK manufacturers," Tom Crotty, group director of Ineos and chair of CBI manufacturing council, said.

"To plan their future investments effectively, it's absolutely vital that trade between the UK and the EU remains as frictionless as possible, and that there are no further barriers to trade either North-South or East-West for Northern Ireland," Crotty added.

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