UK manufacturers’ orders slump further
A survey by the Confederation of British Industry (CBI) has revealed that demand for products from UK manufacturers slumped in the last three months of 2008.
Ian McCafferty, the CBI’s chief economic adviser, told the BBC that the survey shows that manufacturing in the UK, as is the case everywhere, is being hit by the economic downturn.
Mr McCafferty explains that many firms expect conditions to deteriorate with demand expected to fall even further, resulting in further job losses.
The CBI’s quarterly Industrial Trends Survey said demand plummeted during the last three months, with over half of companies reporting a decline in the volume of new orders compared with the previous quarter, while just 14% reported an increase.
The survey showed orders balance dropped to -43 – the lowest level for over 17 years. For the next quarter a balance of -64 is forecast – the lowest level for nearly 30 years.