UK Manufacturers Expect Sharp Fall In Output In Months Ahead: CBI

UK manufacturers reported a marginal fall in production in the three months to September but they expect a much sharper decline over the coming three months, monthly Industrial Trends Survey from the Confederation of British Industry and Accenture showed Wednesday.

A net 4 percent of manufacturers said their output decreased in the three months to September compared to -7 percent in August. However, output is forecast to decrease at a faster pace in the next three months with the balance falling to -17 percent.

Output declined in 8 out of 17 sub-sectors, with the overall decline being largely driven by food, drink and tobacco. This was largely offset by strong growth for motor vehicles and transport equipment firms.

At the same time, order books were seen as broadly normal in September, after being below normal last month. The order book balance unexpectedly rose to -2 percent from -7 percent in the previous month. The expected level was -11 percent.

"When adding an uncertain demand environment to ongoing input and labor shortages, and a cost-of-doing-business crisis, the outlook looks increasingly challenging for the sector," Anna Leach, CBI deputy chief economist said.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
IBSA Pharma Inc. is recalling 27 lots of TIROSINT-SOL (levothyroxine sodium) Oral Solution to the consumer level due to subpotency, the U.S. Food and Drug Administration said. TIROSINT-SOL is indicated for Hypothyroidism and Pituitary Thyrotropin (Thyroid-Stimulating Hormone, TSH) Suppression. Meanwhile, the recall does not apply to TIROSINT (levothyroxine sodium) capsules. The U.S. Food and Drug Administration approved GlaxoSmithKline LLC's Jesduvroq tablets (daprodustat) for anemia caused by chronic kidney disease or CKD for adults who have been receiving dialysis for at least four months. It is the first oral treatment for anemia, i.e., decreased number of red blood cells, in the given indication that has received FDA approval. German banking major Deutsche Bank AG reported Thursday a significantly higher profit in its fourth quarter and fiscal 2022, mainly reflecting a tax benefit in the U.S, despite weakness in Investment Bank and asset management revenues. The company said it recorded its highest annual profit, both before and after tax, since 2007. However, Deutsche Bank shares were losing around 4 percent...
Follow RTT