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UK manufacturing remains "severely depressed", CBI survey shows

Fri, 21st Aug 2020 11:00

LONDON, Aug 21 (Reuters) - British manufacturing remains
"severely depressed", with new orders still well below normal,
according to a survey on Friday that shows a very weak recovery
is underway.

The Confederation of British Industry's monthly order book
balance rose to -44 in August from -46 in July. A Reuters poll
of economists had pointed to a bigger rise to -35.

While marking the highest level since March, the survey
showed the proportion of manufacturers reporting below-normal
levels of orders still outnumbered those reporting above-normal
orders by a wide margin.

"This has been another difficult month for manufacturers,"
said Anna Leach, CBI deputy chief economist.

"Activity continues to be poor and order books severely
depressed, although the worst of the decline seems to be behind
us," she added.

Earlier the IHS Markit/CIPS survey of manufacturers showed
month-on-month growth in activity accelerated in August to hit a
2-1/2-year high, though heavy job losses were underway.
(Reporting by Andy Bruce, editing by David Milliken)

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