–Adds Detail To Version Transmitted At 1000 GMT
–CBI Quarterly Survey: July Total New Orders 18 Vs 12 in April
–July Quarterly Output Volumes 24 Vs 1 In April
London (MNI) – The CBI’s monthly and quarterly industrial surveys
for July showed total order books and output volumes rising to
multi-year highs although growth in export orders declined.
The July quarterly volume of total new orders balance for the past
three months rose to 18 from 12 in April, hitting its highest level
since April 2004. Output volumes rose to 24 from 1 in April, reaching
their highest level since April 1995, with CBI chief economic adviser
Ian McCafferty saying “manufacturing production really stepped up a
gear.”
The monthly July survey showed total order books rising to -16 from
-23 in June, hitting their highest level since August 2008.
Export growth, however, appears to be decelerating. The July
monthly export order book balance declined to -12 from -2 in June while
the past three months’ export volume balance in the quarterly survey
fell to 18 from 20 in April.
The quarterly survey suggests the industrial sector should make a
strong positive contribution to second quarter GDP, with the first Q2
GDP estimate due out from National Statistics Friday.
The July CBI survey was conducted between June 22 and 7 July, with
the backward looking 3 monthly survey measures therefore largely proxies
for Q2 industrial sector data.
CBI chief economic adviser Ian McCafferty said the investment,
prices, output and employment balances in the CBI survey have correlated
very well with the official data.
The quarterly survey showed the numbers employed balance rose to -2
from -12 in April, its highest balance since April 1995.
–London bureau: 44 20 7862 7499; email: drobinso@marketnews.com
[TOPICS: M$B$$$,M$BDS$,MT$$$$,MABDS$]
