"Manufacturing output fell in the three months to October. The downturn was broad-based across sub-sectors, but driven by metal products, metal manufacture and electronic engineering. Firms expect output to fall again over the quarter to January. Demand conditions weakened notably. The volume of total new orders fell sharply through the quarter. Both domestic and export orders fell at their fastest rates since the early stages of the Covid pandemic (July 2020)."
"Manufacturers' investment appetite has deteriorated markedly. Spending plans for the year ahead fell across every category, held back by weak demand, inadequate net returns and shortages of internal finance. Investment in plant & machinery and buildings looks set to fall particularly sharply. The share of firms investing to expand capacity fell to a level last seen in the recessions of 2009 and the early 1980s. Meanwhile, employment fell at the fastest pace for five years."
Manufacturing output declined in the three months to October, driven by metal products, metal manufacture and electronic engineering. Firms expect output to fall further over the quarter to January. Total new orders fell sharply, with domestic and export orders dropping at their fastest rates since July 2020, leaving order books well below long-run averages. Cost pressures remain elevated while growth in domestic selling prices has slowed and export prices have fallen, squeezing margins and reducing competitiveness across major markets. Investment appetite has deteriorated markedly, with plans to cut spending on plant, machinery and buildings and fewer firms investing to expand capacity. Employment fell at the fastest pace in five years.
Read at London Business News | Londonlovesbusiness.com
Unable to calculate read time
Collection
[
|
...
]