UK manufacturing orders hit lowest level since 2020 as CBI survey stays firmly negative

UK manufacturing just can’t catch a break. The Confederation of British Industry’s Industrial Trends Survey for July landed at -45 on total order books, missing the consensus estimate of -40 and sitting flat with June’s reading. That makes it one of the weakest prints since September 2020. For anyone keeping score, a negative balance means more manufacturers reported below-normal orders than above. At -45, the manufacturing sector isn’t just struggling. It’s waving a flag from the bottom of a well. What the numbers actually mean The CBI survey polls roughly 250 UK manufacturers each month, asking them to compare their current order books against what they’d consider normal levels. A reading of zero would mean an equal split between optimism and pessimism. A reading of -45 means the pessimists are winning by a landslide. The fact that this number hasn’t budged from June suggests the weakness isn’t a one-month blip. It’s becoming a feature, not a bug. Export order books told a similar story, also landing below normal levels. So it’s not just domestic demand faltering. International buyers aren’t exactly lining up either. Historically, readings in the -30 to -40 range have coincided w...