The Confederation of British Industry (CBI) released its industrial order books balance on Monday. The CBI industrial order books balance dropped to -18% in October from -7% in September.

Ona quarterly basis, the CBI industrial order books balance declined to -8% in the third quarter from +9% in the second quarter. It was the lowest reading since October 2012.

"Manufacturers have been struggling with weak export demand for several months, because of the strength of the pound and subdued global growth. But now they're also facing pressure back home as domestic demand is easing," the CBI director of economics Rain Newton-Smith said.