CBI factory orders slip in April, outlook strong
LONDON (Reuters) - British factory orders unexpectedly slipped in April but prospects for the next three months were much more robust, a survey showed on Wednesday.
The total order book balance in the Confederation of British Industry's industrial trends survey fell -1 from +6 in March, well below expectations for a reading of +7 though above the series' long run average of -16.
The survey's measure of the volume of total orders for the next three months rose to +32 from +19, the highest reading since September.
The quarterly survey from the CBI, released at the same time, showed an even more upbeat picture.
Total new orders showed the strongest increase since April 1995, and businesses expected the biggest increase in output over the next three months since July 1976.
Business optimism was also the highest since April 1973.
"Confidence is rapidly rising among British manufacturers, with a real sense of business optimism," said Katja Hall, CBI chief policy director.
"Our industrial base is seizing a bigger role in the UK's economic recovery, with output, orders and hiring all on the up."
