Industrial production in Britain fell in the latest quarter for the first time since February 2021, reinforcing signs of a slowdown in manufacturing, according to survey data from the Chamber of Commerce and Industry (CBI).
The CBI noted that the balance for output volumes over the past three months (which captures the difference between firms reporting increases and decreases in output), fell to -7 points in August from +6 points in July, the lowest level since lifting the coronavirus restrictions.
The August order book balance fell to -7 points from +8, the lowest level since April 2021 and well below average estimates of +3 points.
“With expectations for future growth subdued, measures will be needed to boost confidence in the short-to-medium term, particularly by supporting vulnerable businesses and consumers with energy price increases,” says economist Alpesh Paleja.
The CBI’s reading of estimated factory output prices in the next quarter rose in August to 57 from 48 points, although it remains below the all-time highs reached earlier in the year.
Source: Capital
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