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UK CBI factory order growth slows to 11-month low

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UK CBI factory order growth slows to 11-month low

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LONDON (Reuters) – Growth in British factory orders slowed to its weakest in almost a year this month, although it remained above its long-run average, a monthly survey from the Confederation of British Industry showed on Monday. The CBI’s factor order book balance unexpectedly fell this month to -2, its lowest since November, from +7 in September, below all expectations in a Reuters poll that on average forecast it would rise to +9. Output expectations fell to +19 from +28, the lowest since April, while export order growth slowed to the weakest since July. “Growth in output and orders are still above historical norms, and it’s encouraging that plans for spending on innovation and training are holding their own,” CBI chief economist Rain Newton-Smith said. “But we’ve seen a general softening in manufacturing activity over the past three months, with the outlook for investment becoming more subdued,” she added.

(Reporting by David Milliken, editing by Alistair Smout)
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