Manufacturers reported that output volumes were broadly unchanged in the three months to June, after rising for the first time in a year and a half in the quarter to May, according to the CBI’s latest Industrial Trends Survey (ITS). Manufacturers expect output to rise modestly in the three months to September. Total order books improved in May, despite a sharp deterioration in the volume of export orders. Both total and export orders were reported below “normal” and below their long-run averages. Manufacturers reported that stocks of finished goods were more than adequate to meet expected demand, and to the same ... (full story)