The UK manufacturing sector remained static this month as tough high street conditions continued to hurt orders, a survey from the CBI has showed. The CBI’s survey found that a net balance of -21 pct of firms are pessimistic about the business situation for the coming quarter, against -16 pct in July and expectations of an improvement to -10.
The equivalent balance for total new orders was -14 pct in October against -7 pct in July, while the domestic orders balance slipped to -23 pct, the worst performance for two years, from -16 pct in July. Meanwhile, the export orders balance stood at -13 pct against +9 pct in July.
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John Cridland, CBI Deputy Director-General, said: “Today’s results show that manufacturers had another disappointing quarter in what has been a very difficult year. Domestic orders have continued to decline, reflecting the tough conditions prevailing on the high street. Equally disappointing has been the renewed fall in overseas orders.
“Meanwhile, rising raw material and energy prices have continued to push up costs and hit profits. Against this background, firms are cutting back on their investment plans and expect the rate of job losses to increase.”