The UK manufacturing recovery gathered momentum in May as demand from home and abroad pushed total order books up to a six-year high, according to the CBI's Monthly Industrial Trends (MIT) survey published yesterday.
Export order books edged up in May, helped by stronger global demand and an easing in the strength of sterling against the dollar and the euro. Twenty-one per cent of firms said export order books were above normal against 24 per cent saying they were below normal. The balance of minus three is the least negative since February 1996.
Total order books rose to near normal levels in May, with manufacturers reporting the highest balance since February 1998. Twenty-four per cent of firms said their order books were above normal while 23 per cent said they were below. The positive balance of plus one compares with minus 14 in April.
