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Industrial orders in the United Kingdom fell sharply during the month of October, despite a rebound in export demand. However, somewhat weaker business optimism in the three months to October pulled down orders as well.
U.K.’s headline monthly industrial orders balance fell sharply to -17 in October from -5 in September, in sharp contrast to economists' forecasts for a small pick-up, data released by the Confederation of British Industry (CBI) showed Monday.
Expectations for output growth slowed and inflation picked up, though export orders rose faster than their long-run average. An overall measure of business optimism rose sharply from very low levels seen in July, and export orders rose at the fastest rate since April 2014.
"Manufacturers are optimistic about export prospects and export orders are growing, following the fall in sterling. However, the weaker pound is also feeding through to costs, which are rising briskly and may well spill over into higher consumer prices in the months ahead," Reuters reported, citing Rain Newton-Smith, Chief Economist, CBI.
