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Financial News: UK Manufacturing Downturn Slows In August: CBI

UK Manufacturing Downturn Slows In August: CBI

08/21/2020 - 06:44:00 (RTTNews)

(RTTNews) - The UK manufacturing output continued to fall in three months to August but the pace of decline slowed from a record fall seen in July, survey data from the Confederation of British Industry showed Friday.

In three months ended August, the output volume balance advanced to -46 percent from-59 percent in July, the Industrial Trends Survey revealed.

At the same time, the order book balance rose to -44 percent in August but was below its long-term average of -14 percent. Likewise, the export order book balance climbed to -60 percent from -64 percent in July.

Looking ahead, manufacturers expect output to fall at a much slower pace in the next three months. Only a net 10 percent anticipate a fall in output.

"This has been another difficult month for manufacturers. Activity continues to be poor and order books severely depressed, although the worst of the decline seems to be behind us," Anna Leach, CBI deputy chief economist, said.

"As we head into the autumn months, a coherent plan to ensure the manufacturing sector is resilient to a potential second wave and to the challenge of adapting to a new trading relationship with the EU is vital," the economist added.

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