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The latest CBI quarterly Industrial Trends survey reports deterioration in both the total and export order books of UK manufacturers in August.
On average, total order books were down by -21% whilst export orders were at -17% of the norm and output is expected to be flat going forward.
Anna Leach, CBI Head of Economic Analysis, said:
"Overall demand for manufactured goods has eased back this month, led by a weakening in the consumer goods sector following a strong July figure. This sector also contributed to the weakening in output expectations for the next three months, alongside investment goods.
"The economic environment for UK manufacturers remains challenging, with domestic demand relatively muted and the ongoing Eurozone crisis now seeming to drag on broader global economic momentum."
This strikes another blow to the government's hopes of export growth boosting the UK economy. Can the Olympics and Paralympics deliver the revenue needed to redress the balance? We will have to wait and see.
For more details see: http://www.cbi.org.uk/media-centre/press-releases/2012/08/manufacturers-report-weakening-in-total-and-export-orders/
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