The
seven-year downturn in the manufacturing industry is over, according to the
Confederation of British Industry (CBI).
The
organisation’s quarterly industrial trends survey showed the strongest growth
in total orders for more than seven years and the largest growth in output for
eight years.
However,
the CBI urged caution and said the improvement was taken from an extremely low
base following years of contraction in the troubled sector.
Two-thirds
of firms continue to work below capacity, jobs are still being lost and
competition continues to put pressure on prices.
CBI chief
economic adviser Ian McCafferty said: "The manufacturing sector is at last
on a path to recovery and firms clearly believe the worst is behind them."
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