UK factory orders gauge hits six-month high in February - CBI
Reuters
Published Feb 20, 2020 11:08
UK factory orders gauge hits six-month high in February - CBI
LONDON,(Reuters) - A gauge of British manufacturing orders hit a six-month high in February, adding to signs of a rebound in business confidence since Prime Minister Boris Johnson's election victory in December.
The Confederation of British Industry's (CBI) monthly manufacturing orders balance rose to -18 from -22 in January, slightly above the consensus forecast of -19 in a Reuters poll of economists.
Still, the reading remained below the survey's long-run average of -13, underscoring the weakened state of Britain's manufacturing sector that has been hit by Brexit uncertainty and a slowing global economy.
Official data show manufacturing output contracted by 1.5% in 2019 as a whole.
"It is encouraging to see manufacturers reporting some early signs of a turnaround in activity, but it's probably still too early to say whether we've seen the end of the slowdown in the sector," said Alpesh Paleja, CBI lead economist.
Output expectations rose to their highest since February 2019, the CBI said.
"Notwithstanding improving optimism, the sector is still grappling with longer-term uncertainty over the UK's future relationship with the EU," Paleja said.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.