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Financial News: UK Factory Orders Rise Most On Record: CBI

UK Factory Orders Rise Most On Record: CBI

11/24/2021 - 06:15:00 (RTTNews)

(RTTNews) - UK manufacturers reported the strongest growth in orders since records began in 1977 and they expect production to accelerate over the next three months, the Industrial Trends Survey data from the Confederation of British Industry showed on Thursday.

The order book balance rose to 26 percent in November from 9 percent in October. This was the highest score since April 1977.

The export order book balance came in at +3 percent versus -7 percent in the previous month. Order books strengthened at the fastest pace since March 2019.

A net 17 percent of manufacturers said production increased in three months to November compared to +15 percent in October. A net 32 percent expects output growth to accelerate in the next three months.

"It's good to see strong order books and output growth in the manufacturing sector holding up as we head into winter," Anna Leach, CBI deputy chief economist, said.

But intense supply side challenges continue to put pressure on firms' capacity to meet demand, Leach added. Alongside record order books, stock adequacy was the weakest on record in November and manufacturers are increasingly having to pass on significant cost increases to customers.

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