The UK manufacturing industry is upbeat about demand during September, according to the CBI's monthly Industrial Trends Survey.
As reported by The Financial Times, 23% of companies such as nameplates, car and electrical manufacturers, reported export orders were higher than normal. The measure of those reporting a growth in export orders compared the those reporting fewer orders than expected is now just -5%. This is well above the long-term average and much better than the start of the year.
The Press Association quoted CBI chief economist Ian McCafferty as saying: "The outlook for manufacturing activity seems to have held steady this month. Demand is still considered to be better than it was in the first half of the year; export order books are holding up reasonably well and expectations for production growth in the coming quarter remain solid."
In fact, the balance of manufacturers reporting orders above normal rather than below now stands at -17. Previously, it was -39 in January, which suggests that the manufacturing industry is recovering from the economic recovery.
"Overall, the evidence suggests that manufacturing growth is likely to have slowed in the third quarter but will nevertheless still be decent," said Howard Archer, chief UK economist at IHS Global Insight.