April and Q2’s CBI Industrial Trends Survey (released on Monday) provided some reasons to be optimistic that the manufacturing sector’s poor performance in Q1 does not herald the beginning of a prolonged period of weakness. Granted, the headline total orders balance only inched up from 0 in March to +1 in April, and the output expectations balance fell from +22 to +16. But both indicators remain comfortably above their long-run averages.
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