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UK manufacturing orders jumped to their highest-ever level in a series dating back to 1977, according to data released by the CBI on Tuesday, while total order books increased to +22% from +18% in August. However, output growth slowed for the second-straight period, declining to +16% in the third quarter from +22% in the three months to August. But that remains well above the long-run average of +3%.
"Today's survey highlights how amidst a variety of supply challenges, companies are beginning to struggle to meet high demand," said Anna Leach, CBI deputy chief economist.
Stock adequacy improved to -11% in September from -14% in August, but remains markedly weaker than the long-run average of +12%. Expectations for output price growth over the next three months decreased to +41% to +43%, but remain well above the long-run average of +3%.