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Financial News: UK Manufacturing Output Falls On Auto Production: CBI

UK Manufacturing Output Falls On Auto Production: CBI

10/22/2019 - 06:57:00 (RTTNews)

(RTTNews) - UK manufacturing output continued its downturn in three months to October reflecting sharp decline in the auto sector, survey results from the Confederation of British Industry showed on Tuesday.

According to the Industrial Trends survey, the balance of output volume decreased to -10 percent from +1 percent in September.

The balance of manufacturers reporting a fall in new orders came in at -15 percent in the quarter to October, the same rate as in July. Both domestic and export orders remained in negative zone.

In the month of October, the order book balance slid to -37 percent from -28 a month ago.

The sentiment index deteriorated to -44 percent in three months to October from -32 percent in July. This was the fastest fall since July 2016.

Further, investment intentions for the next year worsened compared to last quarter in three out of four key categories.

The share of manufacturers citing political/economic conditions abroad as a factor to limit export orders in the next three months was at 66 percent, a survey record high.

"A combination of Brexit uncertainty and weaker global growth are clearly hitting sentiment and export prospects, with job prospects at their weakest since the global financial crisis," Rain Newton-Smith, CBI chief economist, said.

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