UK Order Books Fall Further: CBI

(RTTNews) - Amended second para

The UK order books declined again and remained below its long-run average in March, the latest Industrial Trends Survey data from the Confederation of British Industry showed on Friday.

The order book balance fell slightly to -29 percent from -28 percent in February. However, the export order book balance rose to -29 percent from -36 percent.

Output volumes dropped in the three months to March but at a slightly steeper pace as the index slid to -18 percent from -12 percent. However, only a net 2 percent expects output volumes to fall in the three months to June.

Expectations for selling price inflation over the quarter ahead were largely unchanged relative to February. The corresponding index climbed to 22 percent from 19 percent in February.

"Conditions in the UK's manufacturing sector remain subdued," CBI Lead Economist Ben Jones said.

Although there are some pockets of strength, notably in the aerospace and defence sectors, many firms continue to report that their order books remain weak, Jones added.

Earlier in the day, survey data from GfK showed that British consumer sentiment rose slightly in March but remained subdued overall. The index rose to -19 from -20 in February.