April 24, 2018 / 10:07 AM / 2 years ago

UK CBI factory orders growth fails to recover in April

FILE PHOTO: A worker checks a TX4 at the end of the production line at the London Taxi Company in Coventry, central England, September 11, 2013. REUTERS/Darren Staples/File Photo

LONDON - British factory order growth failed to pick up as forecast in April, after steadily slowing over the first three months of the year, a monthly survey from the Confederation of British Industry showed on Tuesday.

The CBI’s factory order book balance held at a five-month low of +4, above its long-term average but below expectations in a Reuters poll of economist that it would pick up to +6.

The CBI’s quarterly orders balance dropped to +14 in April from +23 in January and output growth on a quarterly basis weakened.

“Although manufacturing growth has slowed again this month, manufacturers continue to enjoy the fruits of stronger growth in Europe and the lower pound,” the CBI’s chief economist, Rain Newton-Smith, said.

Reporting by David Milliken, editing by William Schomberg

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