UK industrial orders grow at joint-record pace in May
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© Reuters. FILE PHOTO – A worker passes a crucible that contains molten steel at United Cast Bar Group’s Chesterfield foundry, Britain. April 12, 2022. REUTERS/Phil NobleLONDON (Reuters] – British producers reported the highest order growth since records began. Meanwhile, output rose at an unprecedented rate, according to the Confederation of British Industry figures on Thursday.
CBI’s headline ordering index, which indicates the amount of orders are higher or lower than normal and is measured by how many order levels have changed in recent months, rose to +26 from +14 April. It matches previous records set back in November and March.
“Manufacturers report output growth in May and orders books are improving,” Anna Leach (CBI deputy chief economist) said. Anna Leach (CBI deputy chief economist) said cost pressures are not going away and manufacturers will continue to hike prices.
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