December 13, 2007 / 11:14 AM / 12 years ago

Factory orders growth slows in December

LONDON (Reuters) - Manufacturers’ orders growth slowed more than expected in December but firms still expect to raise prices, albeit at a slightly lower rate, a survey showed on Thursday.

The Confederation of British Industry said its total orders book balance fell to +2 from +8 in November, well below analysts’ forecasts for a reading of +6.

Manufacturers’ output expectations fell to their lowest in almost two years, with a reading of +3 against +9 in November. Pricing intentions also eased, with the price expectations balance falling to +15 from +21.

However, overseas orders were fairly healthy.

“Even as the domestic market slows (manufacturers) are enjoying a period of relatively strong demand from overseas as the pound has been falling against the euro and stimulating trade with the euro zone,” said CBI chief economic adviser Ian McCafferty”

The export orders balance rose to +2 from -4, its highest since November 2006 and the first positive reading since February.

The survey was conducted between November 20 and December 5.

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