UK CBI Industrial Order Expectations dropped to -29% in March, down from -18%. 15% of manufacturers reported order books above normal while 44% said they’re below. Manufacturers anticipate output volumes to contract at a faster pace in the next three months (-20%), marking the weakest expectations since the financial crisis (April 2009 -32%).
Anna Leach, CBI Deputy Chief Economist, said: “The manufacturing sector is facing unprecedented challenges due to COVID-19, such as widespread disruption to supply chains and weakening demand due to domestic containment measures. With expectations for output set to fall in the coming months, it’s now more important than ever manufacturers get the support they need.
“The Chancellor’s offer of substantial payroll support, fast access to cash and tax deferral will help prevent job losses and alleviate some strain. But all measures must be constantly assessed to ensure the UK’s manufacturing sector emerges from this crisis with the minimum possible damage.”
