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United Kingdom manufacturing orders at a 30-year high - CBI

21 Novembre 2017

A balance of +17 percent said total order book remained above normal in November, the highest since August 1988.

The Confederation of British Industry (CBI) industrial trends survey saw total orders in the three months to November hit the highest rate since August 1988, with the chemicals and food industries enjoying a bright period.

The improvement in total order books was particularly marked in chemicals, showed the results, while export order books strengthened notably in chemicals, electronics and transport goods.

It also found that 27% of United Kingdom manufacturers expect output growth to accelerate in the three months up to February 2018, with 19% expecting average selling prices to increase in the same time period.

Export order books are at a 20-year high, with export orders balance surging to +20% from +5 in October, equal to the record high from June 1995.

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"UK manufacturers are once more performing strongly as global growth and the lower level of sterling continue to support demand".

"Nonetheless, uncertainty continues to hold back investment and cost pressures remain strong".

Despite the strong reading for November, the CBI's gauge of factory output expectations for the next three months cooled to its lowest since October 2016. "Manufacturers will be hoping the Budget brings some relief from the business rates burden in particular". A Reuters poll of economists had pointed to a reading of +3.

"UK manufacturing made an impressive start to the final quarter of 2017 as increased inflows of new work encouraged firms to ramp up production once again", said Rob Dobson, director at IHS Markit.

In a recent interview with ICIS, Stephen La Roux, head of economics for the United Kingdom chemicals trade group Central Intelligence Agency, said that the chemicals industry has outpaced general industry, generating volume growth "of 3.2% in the year to September, compared to around 2% for the general manufacturing sector".