U.K. manufacturing orders surge most in nearly 30yrs

U.K. factories saw orders surge the most in almost three decades this month, helped by export demand.

The Confederation of British Industry said its monthly factory index rose to 17 from minus 2 in October. That’s the highest since August 1988. The measure for export orders also jumped, recording its strongest reading since 1995.

According to the survey, firms expect the pace of output growth to slow over the next three months, but to remain above the long-run average. Data from the U.K.’s statistics office have also shown momentum in manufacturing, with economists citing the benefits of a pickup in the global economy. The most recent figures showed factory output up 2.7 percent year-on-year in September.

On inflation, the CBI said companies expect to increase prices over the coming three months, though the pace has softened since earlier this year. The CBI survey of 397 firms was conducted Oct. 26-Nov. 14