British manufacturers experienced their sharpest decline in orders since January this month, and their expectations for raising selling prices also decreased, according to a Tuesday report from the Confederation of British Industry (CBI).
The CBI’s monthly measure for new manufacturing orders dropped to -33 in June from -30 in May. While the CBI’s indicator for output over the past three months improved, it still showed a contraction.
“The UK’s manufacturing sector is under significant pressure, dealing with high energy costs, increasing labor costs, widespread skills shortages, and an unpredictable global economic environment,” explained Ben Jones, lead economist at the CBI.
Despite a positive note where export orders reached their highest level since last August, the overall worsening of orders indicates a decline in domestic demand. Manufacturers’ expectations for price increases also fell to their lowest net level since February, the CBI noted.
Click here for more on Finance and Investing
