UK CBI manufacturer output volume dropped to -57 in the three month to June, down from -54. That’s the fastest pace of decline on record since July 1975. Output dropped in 15 out of 17 sub-sectors. Nevertheless, total order books improved slightly to -58, up from May’s -62, even though it remained poor by historical standard. Export order books dropped sharply to -79, down from May’ -55, lowest on record since 1977.
Anna Leach, CBI Deputy Chief Economist, said: “The UK manufacturing sector remained in a deep downturn in June due to the ongoing COVID-19 crisis. Output volumes declined at a new record pace and export order books fell to an all-time low, reflecting the significant fall in demand in the UK and abroad. Firms are again hoping that this will ease somewhat in the next three months.
