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The Confederation of British Industry (CBI) released its industrial order books balance on Tuesday. The CBI industrial order books balance dropped to -7% in September from -1% in August, missing expectations for a rise to 0%.
The decrease was partly driven by a fall in export order book balance. The export order book balance plunged to -24% in September from -8% in August.
The balance for output volumes for the next three months was 0% in September, down from +14% in August. It was the lowest level since October 2013.
"Exports are the missing link in the UK recovery at the moment, with the strong pound squeezing manufacturers' margins, even though lower commodity prices are helping to ease cost pressures. Meanwhile manufacturers will have an eye on China's slowdown and its effect on neighbouring markets. Boosting our export performance, alongside innovation, are vital to improving productivity," the CBI director of economics Rain Newton-Smith said.
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