British factory orders fell to their lowest level in six months in October

Data released by the Confederation of British Industry today showed that British industrial orders fell sharply to +9 in October from +22 in September, the lowest level since April, with higher raw material prices and widespread labor shortages. The survey's measure of expected average unit costs rose to its highest level since April 1977, and optimism about the overall business situation dipped to +2 in October from +27 in July, the lowest level since January.

CBI's quarterly survey data showed that domestic prices in October rose at the fastest pace since April 1980 while raw material stocks were the lowest ever, and short-term expectations for production growth remained strong with October's monthly balance at +33, the highest since July.