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Financial News: UK Manufacturers Expect Output To Rise Moderately: CBI

UK Manufacturers Expect Output To Rise Moderately: CBI

05/21/2024 - 08:41:00 (RTTNews)

(RTTNews) - UK manufacturers expect production to increase in the three months to August and their selling price inflation expectations softened, the latest Industrial Trends survey results from the Confederation of British Industry showed on Tuesday.

A net 14 percent of manufacturers reported an increase in output volumes in the three months to May. Output volumes rose for the first time in one-and-a-half years, the CBI said. A balance of 7 percent expects production to increase in three months to August.

However, the order book balance deteriorated in the three months to May. A net balance reporting order books as "below normal" fell to -33 percent from -23 percent in the prior period.

The export order books balance also declined during the period, to -27 percent from -23 percent in the preceding three months.

Expectations for average selling price inflation softened in May, with the balance easing to 15 percent from 27 percent in April.

"Manufacturers expect to increase output through the summer months, but any recovery looks set to be fairly gradual, with order books soft and inventory levels relatively high," CBI Deputy Chief Economist Anna Leach said.

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