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UK manufacturing orders still under pressure

The CBI has today attempted to pour cold water on hopes that the UK economic turnaround is just around the corner. The CBI industrial survey into UK manufacturing orders shows that the balance of order books fell to -59 in July from -51 in June. There had been hopes of a partial recovery in July but these have been dashed in the short-term.

However, the export order survey was slightly more upbeat with July showing -45 against a June figure of -52 although there is still some concern that the increase was fairly flat when you consider the UK pound has been in steady decline for some time. A number of manufacturers in the UK are pinning their hopes on the currency exchange rate, which fell sharply then bounced and is ultimately trending down again.

It does seem strange to be talking about the UK manufacturing sector being under pressure because ultimately this has been the situation for a number of years. As we have covered on other occasions, the UK economy has by and large transferred from a manufacturing base to a services based arena. However, there are hopes that in the short to medium term we will see UK exports become more competitive due to the pressure on the currency which could ultimately bailout many UK manufacturers.

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