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- UK manufacturers’ order books balance falls sharply in July
UK manufacturers’ order books balance falls sharply in July
The latest
survey by the Confederation of British Industry (CBI) showed on Tuesday the UK
manufacturers’ order books declined sharply in July.
According to
the report, the CBI's monthly factory order book balance dropped to -34 in July
from -15 in the previous month. That was the lowest reading since April of 2010.
Economists had expected the reading to stay at -15.
According to
the report, new orders declined noticeably in the quarter to July, as both new
domestic and new export orders dropped at their fastest respective paces since
the financial crisis. Manufacturers continued to grow their stocks of raw
materials and finished goods, but at a slower pace than in the three months to
April, when stocks were increased at the fastest pace on record. Firms expect
their stocks of finished goods to reduce a little over the quarter ahead, but
stocks of raw materials and work in progress are expected to remain stable.
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