UK: CBI Industrial Trends Survey – Orders recovers modestly to -58% in June
|- CBI Industrial Trends Survey - Orders edged higher to -58% in June.
- This data doesn't seem to be having a significant impact on market sentiment.
The Total Order Books component of the CBI's Industrial Trends Survey improved slightly to -58% in June from -62% in May and came in a little better than the market expectation of -59%.
However, the underlying details of the report revealed that the Output Volumes in three months to June fell by 57%, the fastest pace on record.
Commenting on the data, “the UK manufacturing sector remained in a deep downturn in June due to the ongoing COVID-19 crisis," noted Anna Leach, CBI Deputy Chief Economist. "Output volumes declined at a new record pace and export order books fell to an all-time low, reflecting the significant fall in demand in the UK and abroad. Firms are again hoping that this will ease somewhat in the next three months."
Market reaction
The UK's FTSE 100 Index largely ignored this data and was last seen up 0.17% on the day at 6,303 points.
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