2019.05.2106:51:00UTC+00UK Manufacturing Orders Lowest Since Late 2016: CBI

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."