LONDON (Reuters) – British manufacturers reported the biggest monthly fall in orders since January 2021 this month and sentiment has weakened over the quarter as a whole, a survey from the Confederation of British Industry showed on Tuesday.
The CBI said its monthly industrial orders balance dropped to -26 in October from -18 in September, its weakest in nearly three years and well below its long-run average of -13.
Quarterly business optimism sank to -15 from July’s reading of +6, and was its lowest since October 2022 when there was widespread economic uncertainty during Liz Truss’ brief period as prime minister.
“The warning lights are flashing red in our latest manufacturing survey, with business sentiment deteriorating, output volumes falling and manufacturers becoming more cautious over their employment and investment plans,” CBI Deputy Chief Economist Anna Leach said.
(Reporting by David Milliken; Editing by William Schomberg)