CBI: Factory orders in sharp fall
A survey by the Confederation of British Industry (CBI) has revealed factory orders slumped in October at their sharpest pace since April.
The industrial trends survey’s total order book balance fell to -28 this month, from -17 in September – lower than expectations of a reading of -19.
In the meantime, the output expectations balance shot up to +18 from -12 in September – the highest reading since March 2008.
However, the export order books balance fell to -21 from -5 in September – the lowest level since February.
The figures still lead the CBI to believe that the economy will improve after the survey showed that firms are expecting a rise in output and further export order growth.
Commenting, the CBI’s chief economic adviser, Ian McCafferty, said: “The recovery in the manufacturing sector is well grounded and is expected to continue, this despite the soft patch last quarter.”