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Manufacturers have Low expectations
Page 50
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OUTPUT EXPECTATIONS in manufacturing have reached their lowest point for seven years, according to the latest Industrial Trends Survey from the Confederation of British Industry (CBI).
Order books are depressed and export orders are suffering, despite the recent fall in sterling against the dollar and the euro. The CBI, however, anticipates a slowing in price inflation, and suggests that the Bank of England could, therefore, afford to cut interest rates by half a point in November.
Around 20% of manufacturers say their volume will grow over the next three months
and that their order books are above normal. This, however, is balanced against the 36% that think volume will diminish and the 44% that say orders are down.
A third of firms expect the price of their goods to rise over the next three months, more than half anticipate prices staying the same and 10% think they will fall.
The survey was based on responses from 552 manufacturers.
One automotive parts manufacturer, Klarius Group, has hit back at the survey, suggesting its productivity and investment will continue to rise.
Klarius says it has enjoyed "an exceptional period of growth", having shipped more than 700 catalytic converters and 1,000 new exhaust systems so far this year, and adds that it does not recognise the economic indicators the CBI suggests in its marketplace.