According to the Make UK/BDO Manufacturing Outlook Q3 survey, balance on investment intentions fell to -32% from -26% in the last quarter. Output and orders improved but were still way below historic averages. There were significant cuts to investment while employment prospects weakened. Forward looking indicators suggest conditions will improve albeit slowly. Overall, there was “no evidence of V shape recover”.
Also, Make UK is now forecasting manufacturing output to fall by -10.9% this year. 2021 recovery was downgraded by 6.2% to 5.1%. GDP is forecast to fall by -8.5% this year and recover by 10.1% in 2021.
