UK CBI monthly order book balance rose to -46 in July, up from -58. While that was the best reading since March, it missed expectation of -35. Output volumes dropped further to -59, down from -57, worst on record since 1975.
Rain Newton-Smith, CBI Chief Economist, said: “There are tentative signs of gradual recovery on the horizon, with firms expecting output and orders to begin to pick up in the next three months. But demand still remains deeply depressed.”
Tom Crotty, Group Director at INEOS and Chair of the CBI Manufacturing Council, said: “The latest survey showcases the significant challenges that manufacturers have faced over the last three months due to the COVID-19 crisis. However, these results may prove to be a low point in the crisis, with manufacturers expecting output to grow for the first time since the pandemic hit.”
