UK Manufacturing Nearly Unchanged in October

Source: CBI

Manufacturing in the United Kingdom posted similar growth in the quarter to October and to September, with most subsectors reporting growth during the period. EWU is down 0.44% premarket.

• Output volumes in the quarter to October grew by 15%, nearly unchanged from the similar pace of 16% in the quarter to September.
• Growths were recorded in 11 out of the 17 subsectors, led by chemicals, aerospace, and food, drink, and tobacco.
• Most manufacturers expect output growth to post steep growths in the next quarter, with 33%.
• The share of firms citing materials or components as limiting factors rose to the highest level since January 1975, and skilled labor the highest since July 1974.
• Total new orders slowed as domestic orders eased while export orders posted a similar pace to the previous quarter.
• Firms are optimistic for the next 12 months, with more investments in innovation, plant and machinery, and training and retraining.