CBI factory orders growth hits four-month high, outlook brighter
LONDON (Reuters) - British manufacturing orders grew at the fastest pace in four months in December, according to an industry survey that pointed to a brighter outlook for the coming months.
The total order book balance from the Confederation of British Industry's (CBI) monthly industrial trends survey rose in December to +5, its highest level since August and well above the survey average of -16.
Economists polled by Reuters had expected it to remain unchanged from November's reading of +3.
The CBI's measure for expected output in the next three months rose to +16 -- a three-month high -- from +12 in November.
"Export orders have improved, and output is expected to continue growing as we head into the New Year. However, the otherwise solid outlook for UK manufacturers is tempered by a challenging global backdrop," said Rain Newton-Smith, the CBI's director for economics.
"With euro zone growth disappointing and some emerging markets facing a tough time, firms need to look harder for opportunities to ramp up exports to high-growth sectors across the globe."
The latest official data showed British manufacturing slumped unexpectedly in October after a strong September, but economists said the country's economic recovery still looked set to slow only slightly at the end of 2014.
(Reporting by Andy Bruce, editing by David Milliken)
