LONDON (dpa-AFX) - UK manufacturing orders hit its lowest level since October 2016, the Industrial Trends survey from the Confederation of British Industry showed Tuesday.
The order book balance dropped to -10 percent from -5 percent in April. At the same time, the export order books balance slid to -16 percent, the lowest since July 2016.
Manufacturers expect output to be broadly flat in the coming quarter, with 27 percent predicting growth, and 24 percent a decline, giving a balance of +3 percent.
A balance of 14 percent said the output volume grew over the last three months. 'These results provide further evidence that manufacturers have been stockpiling at a rapid pace as part of their Brexit contingency plans,' Anna Leach, CBI deputy chief economist, said.
'When combined with a sharp decline in order books, it's clear why manufacturing firms are so keen to see a swift end to the current Brexit impasse.'
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