Manufacturing Decline Slowing Down

The CBI quarterly Industrial Trends survey suggests the rate of decline in manufacturing may be slowing but a return to growth is not within sight for the next quarter at least. Firms are continuing to run down stocks and stocks of finished goods running down at the fastest rate for over 50 years. However, stock adequacy is such that firms are planning to continue to run them down at the same rate next quarter. Export demand also continues to fall despite the weakness of the pound and price cuts. Firms also reported employment continues to fall.