U.K. manufacturers' order books declined in May, the latest monthly Industrial Trends Survey from the Confederation of British Industry showed Wednesday.
About 19 percent reported that total order books to be above normal, while 36 percent said they were below. The resulting rounded balance of -17 percent was in line with its long-run average, but weaker than the consensus forecast of -11 percent.
As a result of softer order books, output growth is expected to slow, with manufacturers anticipating that production will be broadly unchanged over the coming three months.
"Export order books, however, are holding up, as UK exporters start to make inroads into high-growth markets," Ian McCafferty, CBI Chief Economic Adviser said. "Nevertheless, if the crisis in the Eurozone continues, it is bound to have a dampening effect on sentiment in coming months."
by RTT Staff Writer
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