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CBI survey reveals dramatic plunge in manufacturing
Page 45
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MANUFACTURING IS nosediving according to the stark findings of the most recent economic survey by the Confederation of British Industry (CBI) .
The CBI survey shows the sharpest fall in manufacturing confidence in nearly 30 years, influenced by falling demand and a steep decline in output.
This news came just as Nissan and Honda both announced cuts in their production schedules. Almost half the manufacturers questioned told the CBI that orders had fallen. Weak domestic demand is mostly to blame, but exports which have previously been supported by a weakening pound have also now started to fall.
• Manufacturing companies were the worst-hit sector in terms of closures in the first three quarters of 2008, according to analyst organisation Equifax.
However, the numbers of firms going bust is not worsening in every sector. While 13.8% more manufacturing firms went bust in Q3 compared to Ql, the wholesale and services sectors both saw the numbers of firms expiring drop slightly over the year. The construction and transport sectors both saw failure rates almost 12% higher in 03 than Ql. Retail failures grew by just 2.8%.