CBI Total Orders See Renewed Downturn

CBI INDUSTRY TRENDS: NOV TOTAL ORDER -40% V -34% OCT
NOV INDUSTRY OUTPUT NEXT 3M: -10%; PREV(OCT): +15%
NOV INDUSTRY OUTPUT PAST 3M: -6%; PREV(OCT): -8%
NOV AVG PRICES NEXT 3 MONTHS: -8%; PREV(OCT): +4%

The second wave of Covid-19 lead to a renewed downturn of manufacturing activity in Nov, both domestically and abroad. Total order books declined in Nov to a two-month low of -40, following Oct's uptick. This leaves the index far below its long-term average of -14. Similarly, export orders deteriorated to -51 in Nov, down from -46 recorded in the previous month. Output volumes declined at a slower pace in Nov, showing the fifth consecutive improvement. However, manufacturers expected output volumes to fall at a faster pace in the next three months. Firms noted that output was 17% below "normal" conditions in Nov due to Covid-19, compared to 15% in the previous month. Moreover, manufacturers expect output prices to fall in the next three months