November 24, 2022 11:00 GMT
UK NOV CBI INDUSTRIAL ORDER BOOKS -5 (FCST -9); OCT -4
UK NOV CBI INDUSTRIAL SELLING PRICES NXT 3 MONTHS +47; OCT +46
- UK manufacturing output rose in the three months to November, yet is anticipated to fall again over the next three months. Food, auto and chemical industries drove the increase, as production was supported by alleviating supply chain pressures.
- Total order books have been reported as below normal since August, moderating by 1pp to -5% (versus expectations of -9%). This is a clear signal of weak domestic and global demand conditions.
- Selling price expectations remained broadly unchanged at +47%, remaining markedly lower than the multi-decade highs of Q1. This implies that factory-gate inflation will remain elevated into the beginning of 2023.
- The Autumn Statement offered support to businesses heading into a UK recession, however high interest rates and weak demand outlooks are weighing on investment and growth projections.
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