The
latest survey by the Confederation of British Industry (CBI) revealed on Monday
the UK manufacturers' order books declined slightly in December, retreating from
the November record level.
According
to the report, the CBI's monthly factory order book balance declined to +24 in December
from +26 in the previous month. This was
the second-highest reading ever and well above the indicator’s long-run average
of -13. The survey also revealed that export order books (-1 from +3 in November)
dropped slightly but were well above the long-run average (-18).
In
addition, the CBI announced that the pace of growth of output volumes quickened in
the three months to December (+29 from +17 in November; long-run average +3) but
was expected to weaken somewhat in the next three months (+23).
In
other survey results, stock adequacy (-16) fell to its
weakest on record for the second straight month (-24 from -16%in November). In
addition, manufacturers’ expectations for output price increase in the coming
quarter (+62) eased slightly compared to November (+67; represented the
strongest anticipation level since May 1977).