Latest News Wed, Jun 22, 2022 6:36 AM
UK manufacturing output slowed in the three months to June, while total order books and export order books also softened.
Output growth is expected to slow further in the quarter ahead, while expectations for domestic price growth fell back to a nine-month low.
That’s according to the latest monthly CBI Industrial Trends Survey. The survey, based on the response of 212 manufacturers, found:
Anna Leach, CBI Deputy Chief Economist, said: “While manufacturing output is still being supported by a backlog of orders, growth appears to be softening. Stocks of finished goods are now seen as broadly adequate and we may be seeing the first signs that weaker activity is beginning to slow the pace of price increases in the sector.
“Manufacturers continue to report a range of challenges, including significant cost pressures, shipping delays, shortages of key inputs, and, not least, recruitment difficulties. Skills shortages remain widespread and are a key constraint on growth. All of these trends are weighing on confidence.
“Companies are pursuing a range of strategies to cope with these operational difficulties, but they can only do so much and government must act now to prevent a deeper and more prolonged slowdown. Creating a permanent investment incentive and tackling skills shortages by introducing immediate flexibility to the apprenticeship levy would be strong first steps for boosting confidence.”
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