CBI Total Orders See Solid Increase

Total order books rose significantly in Oct to the highest level since Mar, following a deterioration in Sep. Similarly, export orders improved to -46, up from -56 recorded in the previous month. Output volumes declined at a slower pace in Oct and firms stated that volumes were down around 15% compared to "normal". Output eased in 10 out of 17 sub-sectors and manufacturers look for a modes increase going forward. While employment fell at a slower pace in Oct, average costs slowed in the quarter to Oct and margins remain under pressure. Domestic orders saw a marginal uptick, while export orders recorded a smaller decline. Business sentiment remained unchanged in Oct, however export sentiment dropped a slightly faster pace.