UK manufacturing orders shrink at fastest rate since 2020, CBI says
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A member of staff works on the production line at Jaguar Land Rover’s factory in Solihull, Britain, December 15, 2022. REUTERS/Phil Noble
June 23 (Reuters) - British manufacturing orders deteriorated this month at the fastest rate since September 2020 during the COVID-19 pandemic, according to a survey on Tuesday that showed little immediate relief from the easing of tensions in the Middle East.
The Confederation of British Industry's (CBI) monthly order books balance fell to -45 in June from -41 in May, its lowest ebb since the COVID-19 pandemic.
It gauge of expected output for the next three months fell to its lowest since December 2024.
The CBI's survey contrasted with figures published earlier on Friday by S&P Global, which showed manufacturing orders rising and the much larger services sector falling deeper into contraction this month.
"Manufacturers are facing an increasingly difficult trading environment, with order books now at their weakest since 2020 and output continuing to fall," said Cameron Martin, CBI senior economist.
Like the S&P Global survey, the CBI reported an easing of price pressures from manufacturers, although they remained elevated.
Martin said the re-opening of the Strait of Hormuz would help British manufacturers.
"But it will take time for energy prices and supply chains to normalise even under the best of circumstances, while the potential for further instability is clear," Martin added.
(Reporting by Andy Bruce; editing by Suban Abdulla)
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