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UK Manufacturing Order Books Improve In May: CBI

British manufacturing order books improved in May and output growth picked up pace, the Industrial Trends Survey from the Confederation of British Industry showed Friday.

The order book balance rose to 9 percent in May from 4 percent in April. The score was forecast to remain at 4 percent. The balance reached its highest level since February 2015.

At the same time, the export order book balance came in at 10 percent.

Manufacturers expect output to grow at the same robust pace in the coming quarter. About 37 percent forecast growth, while 10 percent expects decline, giving a balance of +28 percent.

A net balance of 28 percent said output expanded over the past three months, the fastest pace of growth since December 2013.

This is an encouraging survey that fuels hopes that the UK economy is on course for some pick-up in growth in the second quarter, IHS Markit Economist Howard Archer, said.

by RTT Staff Writer

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