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Manufacturing falls for first time in two years

Manufacturing - Slowdown in UK Manufacturing - SantanderCB

The CBI's industrial trends survey has confirmed worries over a slowdown in UK manufacturing, ahead of today's release of preliminary data on economic growth in the third quarter. The survey showed that manufacturing production fell in the three months to October for the first time in two years. Export orders fell at the fastest pace in three years, while domestic orders declined for the first time since 2013. The data is expected to reignite fears over the effects the slowdown in emerging markets and the strengthening of the pound are having on Britain. Rain Newton-Smith, CBI director of economics, said: 'Manufacturers have been struggling with weak export demand for several months because of the strength of the pound and subdued global growth. But now they're also facing pressure back home as domestic demand is easing.' The survey, which covered 463 manufacturers, showed that only 22% of businesses reported an increase in their new order book, with 30% experiencing a reduction. Just one in five respondents said the number of orders from the UK had gone up, with 31% seeing a decline. Conditions were even worse for exporters, with only 15% of companies reporting an increase in orders, against 33% experiencing a decrease, the lowest balance since October 2012. 'This is a thoroughly disappointing survey,' said Howard Archer of IHS Global Insight.

 

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