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Financial News: UK Manufacturing Orders Rise Most Since 1988: CBI

UK Manufacturing Orders Rise Most Since 1988: CBI

06/22/2021 - 06:29:00 (RTTNews)

(RTTNews) - UK manufacturers' reported the strongest growth in new orders since 1988, the latest Industrial Trends Survey results from the Confederation of British Industry showed Tuesday.

The order book balance rose to 19 percent in June from 17 percent in May. This was the biggest outturn since May 1988. The export order book balance advanced to -8 percent, the highest since April 2019.

In three months to June, manufacturing output volumes increased at the fastest pace on record. The balance indicating output volume, surged to 37 percent from 18 percent in May.

Growth was driven by the motor vehicles and transport equipment and food, drink and tobacco sub-sectors.

A balance of 33 percent expects output to continue to grow at a faster pace in the next quarter. Manufacturers reported that stock adequacy in June worsened to its weakest on record. Additionally, output prices were expected to grow rapidly in the next quarter, with this month's outturn marking the strongest expectations since 1982.

"However, the picture is not all rosy, with firms continuing to face difficulties arising from supply chain disruption and cost pressures," Tom Crotty, Chair of the CBI Manufacturing Council, said. Staff shortages are also causing issues for many manufacturing businesses across the country.

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