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The rebound of the UK's economy is gaining momentum with manufacturing output growing at the fastest pace on record (since 1975), with order books showing the strongest reading in over 30 years, the latest CBI Industrial Trends survey showed. "Encouragingly, this performance is reflected in the majority of manufacturing sub-sectors and looks set to continue in the coming quarter," said Anna Leach, CBI Deputy Chief Economist.

"However, supply shortages continue to bite, and firms expect that to push through into prices in the months ahead." she added, as price expectations rose at the fastest pace since 1982 and stock adequacy deteriorated further to the weakest level on record.

Total order books jumped to 19 in June, up from 17 recorded in May and showing the best result since May 1988, according to the survey published Wednesday. Export order books improved to -8, its strongest reading since April 2019. Meanwhile, firms expect output to remain at the current level in the next three months, with the indicator remaining at 33 in June.

Source: Confederation of British Industries