Investing.com – Industrial order expectations fell less than expected in the U.K. in July, industry data showed on Tuesday.
In a report the Confederation of British Industry said its index of industrial order expectations fell to -16 in July, after tumbling to -23 in June.
Analysts had expected the index to decline to -24 in July.
A reading above zero in the index indicates increasing order volume is expected, below indicates expectations are for lower volume.
Commenting on the report, Ian McCafferty, the CBI’s Chief Economic Adviser, said, “Looking ahead, production is expected to rise further, but at a more moderate rate. In our view the risk of a double-dip recession remains low and the fortunes of the manufacturing sector are continuing to slowly and steadily improve.
Following the release of the data the pound was down against the U.S. dollar, with GBP/USD shedding 0.31% to hit 1.5183.
In a report the Confederation of British Industry said its index of industrial order expectations fell to -16 in July, after tumbling to -23 in June.
Analysts had expected the index to decline to -24 in July.
A reading above zero in the index indicates increasing order volume is expected, below indicates expectations are for lower volume.
Commenting on the report, Ian McCafferty, the CBI’s Chief Economic Adviser, said, “Looking ahead, production is expected to rise further, but at a more moderate rate. In our view the risk of a double-dip recession remains low and the fortunes of the manufacturing sector are continuing to slowly and steadily improve.
Following the release of the data the pound was down against the U.S. dollar, with GBP/USD shedding 0.31% to hit 1.5183.