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FXstreet.com (Barcelona) - Manufacturing output has declined in the United Kingdom in November to its lowest level since 1980, while the new orders remain at very low levels, according to the latest industrial trends survey by the Confederation of British Industry.
Output expectations have slumped in November to their lowest level since 1980, with 14% of the manufacturers expecting their output level to rise in the coming months, and 56% expecting it to fall, which shows a balance of -42, down from -31 in October.
Domestic and foreign orders have been affected by the global economic slowdown, and order books have remained practically unchanged in November, -38, against -39 in October, which was the lowest level of the last five years.
Ian McCafferty, the CBI's Chief Economic Adviser affirms that the outlook for manufacturers remains rather grim: "The outlook for manufacturers has deteriorated considerably since the banking crisis took a turn for the worse in October. Expectations for output are now the gloomiest in 28 years, while firms' order books remain weak."
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