The CBI Industrial Trends manufacturing output volumes index dropped from -12 in February to -18 in March. The forward indicator for the three months to June is -2.

• Output decreased in 14 out of 17 sub-sectors in the three months to March, with the decline driven by the glass & ceramics, building materials and electrical goods sub-sectors.
• The total order books index fell -1 pt to -29, and the export order books index grew 7 pts to -36.
• The selling price expectations index was up 3 pts to 22, well above the long-run average of 7.