In the UK, the quarterly CBI industrial trends survey showed the manufacturing recovery remained on track. Business optimism improved from 7 to 9 in the three months to April. Both observations over the past three months and expectations for the next three months improved, while price pressures continued to accelerate. Employment over the past three months was at the highest level since 1974, while also the outlook for employment over the next quarter is positive. The monthly industrial trends survey showed a weakening in total orders (from 5 to -11) in April, but still above the long-term average. Selling prices expectations continued to accelerate as companies are passing through the higher costs. Overall, the UK manufacturing sector remains well on track and is expected to grow further in the coming months, but inflationary pressures continue to accelerate.