The manufacturing sector experienced the steepest decline in sentiment in over two years, as indicated by the CBI's quarterly Industrial Trends Survey. There was a reduction in manufacturing output volumes and a decline in new orders, especially exports. Manufacturers anticipate a further dip in orders in the coming months. Cost pressures have increased significantly, alongside weakened investment intentions across various categories, driven by demand uncertainty and poor returns. Additionally, hiring outlooks have also soured, reflecting a pessimistic view across the sector for the near future.
Sentiment across the manufacturing sector fell at the fastest pace in over two years in January, according to the Confederation of British Industry's (CBI) latest quarterly Industrial Trends Survey.
Manufacturers expect the volume of total new orders to fall at the fastest pace since the onset of the COVID pandemic in April 2020, with 79% of respondents citing the condition of order books as a limiting factor.
Investment intentions for the year ahead have deteriorated markedly across all categories, with manufacturers citing uncertainty about demand and inadequate net returns as key factors.
The outlook for hiring has weakened, as manufacturing headcount fell slightly, reflecting the broader concerns over demand and investment.
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