Manufacturing order books and export order books remained well above their ‘long run’ averages in the three months to February, despite weakening somewhat, according to the latest monthly CBI (
www.cbi.org.uk) Industrial Trends Survey.
This said that growth was broad-based, with output growing in 16 out of 17 sub-sectors and with growth predominantly driven by food, drink and tobacco, as well as the motor vehicle and transport equipment sub-sectors.
Those surveyed expect output growth to slow a little over the next three months, broadly matching the pace seen in September and October last year.
Meanwhile, expectations for output price inflation weakened from January’s 34-year high but remain above the historical average; stocks were considered to be above adequate levels but below the long-run average.
Tom Crotty, group director of Ineos (the privately owned multi-national chemicals company) and chairman of the CBI Manufacturing Council, said: “Manufacturers are benefitting from the health of the global market-place, but companies are still struggling to find the workers they need to grow their business.
“To ensure there is a strong pipeline of people with the necessary technical skills, we need young people to receive further education and careers advice built upon the needs of employers.”