NEWS
Manufacturing orders are up and prices are rising
A
ccording to the latest Industrial Trends Survey by the CBI, manufacturing order books improved in November, but export order books and output growth eased. The survey of 430 manufacturers revealed that total order books returned to levels seen throughout the summer and well above the long-run average. Meanwhile, export orders were slightly down, but remained above average.
Output volumes rose at a slower pace over the past three months. However, expectations for production over the coming quarter are robust, reaching their highest level since February 2015. In the wake of the sterling’s sharp depreciation, manufacturers expect to increase average selling prices over the next three months, at the fastest pace since January 2014. Three quarters of the rise in the balance comes from the food and drink sector, with price hikes for popular household commodities.
Overall, 23% of manufacturers reported total order books to be above normal, and 26% said they were below normal. This was above average
(-15%), and similar to the balance seen through the summer.
Meanwhile, 16% of firms said their export order books were above normal, and 27% said they were below normal. November’s level dropped on the previous month (-6%), but remained well above average (-19%).
Manufacturers expect output to grow robustly in the coming quarter, with 38% predicting growth, and 15% a decline. This is the highest since February 2015 (+25%).
Average selling prices are expected to rise sharply over the next three months (+19%), and at their fastest pace since January 2014 (+20%). CBI chief economist, Rain Newton-Smith, said: “It’s good to see manufacturers’ overall order books at healthy levels and the outlook for output growth remaining robust as we head into Christmas. But the weak pound is beginning to make its mark, and prices are expected to rise.... On the flipside though, export orders remain above average.
The survey of 430 manufacturers was conducted between 26 October and 11 November.
Space Air enters
administration S
pace Airconditioning, possibly the UK’s longest established independent air conditioning distributor, has been placed in
administration.
The announcement was made on Friday 11 November by Neil Afram, Space Air’s founder and managing director.
He said: “It is with great sadness and regret that after more than 36 years as an independent Daikin distributor, we have been forced to cease trading and place the company in the hands of administrators.”
He continued: “I would like to apologise for the inconvenience and distress this situation has caused our customers and staff. I expect to make a more detailed statement in due course but in the meantime wish to thank our loyal customers for all their support over the years and in particular our amazing employees who remained as diligent as ever in very difficult times.”
Sanha
www.acr-news.com
November 2016 7
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