Manufacturing in Major Economies Continues Downward Trend

Order books for manufacturing firms fell to their weakest level since early 2021, quashing hopes of a recovery in the sector. According to the Confederation of British Industry’s (CBI) industrial trends survey, firms reported a sharp deterioration in order books in the three months to November. A weighted balance of -35 percent reported a downturn in order books, well below the long-run average of -13 percent and the weakest level since January 2021 – at the start of the second Covid lockdown. Anna Leach, CBI Deputy Chief Economist,…