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23 July 2019

Bloomberg: UK manufacturing orders fall at fastest pace since 2009 crisis

UK manufacturers are more pessimistic than at any time in the past three years after order books shrank at a pace last exceeded during the financial crisis a decade ago, according to the Confederation of British Industry.

[...]CBI indexes of domestic and export orders hit their lowest levels since 2009 in the three months to July and optimism slumped to the weakest since the aftermath of the 2016 Brexit referendum. A gauge of output also plummeted, though the decline partly reflects car-factory shutdowns around the original Brexit date and a modest recovery is expected in the next three months.

Investment intentions weakened, employment fell and inflationary pressures eased, according to the survey, which questioned almost 300 firms between June 25 and July 15.

A monthly index of orders fell to the lowest in more than nine years in July, suggesting the economy got off to a poor start in the third quarter. Export prospects are being hit by trade tensions and slowing global growth. [...]

Full article on Bloomberg

Clouds gather above the manufacturing centre - CBI press release

© Bloomberg

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