British manufacturing orders rise most since 1988

0
10
British economy
image source: 3wge.com

British 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 per cent in June from 17 per cent in May.

In three months to June, manufacturing output volumes increased at the fastest pace on record.

The balance indicating output volume, surged to 37 per cent from 18 per cent in May.

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

A balance of 33 per cent 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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here