Financial News: UK Manufacturers' Sentiment Improves In April: CBI

UK Manufacturers' Sentiment Improves In April: CBI

04/24/2024 - 09:17:00 (RTTNews)

(RTTNews) - Confidence among British manufacturers improved in April and their output expectations hit the strongest in six months, the latest quarterly Industrial Trends Survey results from the Confederation of British Industry showed on Wednesday.

The business sentiment indicator rose to +9 percent in the quarter to April from -3 percent in January.

Export optimism for the year ahead also advanced in April, with the index rising to +6 percent from -20 percent.

Further, the survey showed that new orders dropped at a slower pace in April. The corresponding index posted -6 percent compared to -13 percent in January. A net 8 percent of manufacturers expect orders to return to growth over the next three months.

A net 3 percent of respondents said output volumes increased in the quarter to April, up from -10 percent in three months to March. A balance of 11 percent said volumes will rise over the coming quarter.

Average cost growth remained elevated compared to historical norms. The indicator measuring average costs per unit of output posted 39 percent compared to 43 percent in January. A net 42 percent expects cost growth to rise in the quarter to July.

Further, manufacturers plan to raise investment over the year ahead. The index improved to +15 percent in the quarter to April, the strongest since January 2022.

"Conditions facing manufacturers have taken a turn for the better, with sentiment improving and expectations for future output growth their strongest in six months," said Anna Leach, CBI Deputy Chief Economist.

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