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Financial News: UK Manufacturing Orders Fall At Slower Pace Despite

UK Manufacturing Orders Fall At Slower Pace Despite Weaker Foreign Demand: CBI

06/24/2024 - 09:20:00 (RTTNews)

(RTTNews) - UK manufacturers reported an improvement in total orders in June despite a notable decline in export order volume, the Industrial Trends Survey results from the Confederation of British Industry showed on Monday.

The order book balance rose to -18 percent in June from -33 percent in May. The score was also better than economists' forecast of -25 percent.

Meanwhile, the export order book balance hit -18 percent, which was the weakest outturn since February 2021.

The survey showed a net 3 percent of manufacturers said output volumes increased in the three months to June compared to +14 percent in three months to May. A balance of 13 percent expects output to increase in the three months to September. Expectations for selling price inflation picked up, with prices forecast to rise at an above-average pace over the coming quarter. The corresponding balance rose to +20 percent in June from +15 percent in May.

Manufacturers are confident that the economy is heading in the right direction and June survey suggests that the recovery should broaden out over the summer, CBI Lead Economist Ben Jones said.

"One note of caution is that order books remain soft," said Jones. "The sharp deterioration in export order books is particularly striking and is something to keep an eye on in the coming months," Jones added.

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