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UK factory output stabilizes, but order books remain under pressure

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UK factory output stabilizes, but order books remain under pressure

Manufacturing output in the U.K. stabilized in the three months to August but order books remained under pressure amid Brexit uncertainties and fears of a slowing global economy, according to the Confederation of British Industry.

Of the 286 manufacturers surveyed, 15% said order books were above normal while 28% said they were below normal, yielding a balance of negative 13%, compared with a balance of negative 34% in the three months to July.

Twenty-four percent of businesses reported growth in output volumes over the last three months, while 27% registered a decline, giving a balance of negative 3%, compared with negative 11% previously.

Factory firms expect output to remain broadly steady in the coming quarter, with 24% projecting growth and 25% anticipating a decline, giving a balance of negative 1%.

Companies plan to keep prices broadly unchanged over the next three months as growth expectations for average selling prices yielded the lowest balance since February 2016.

U.K. Prime Minister Boris Johnson has pledged to leave the EU on Oct. 31, with or without a Brexit deal.