Chemical Industry Report Suggests Consumer Confidence Strengthening

The American Chemistry Council's (ACC) monthly Chemical Activity Barometer (CAB) released today continued to show a slowly expanding U.S. economy, increasing 0.6 percent over January on a three-month moving average (3MMA) basis.

The year over year 3MMA showed a 2.9 percent gain over February 2012. The CAB is an economic indicator derived from a composite index of chemical industry activity. Due to its early position in the supply chain, chemical industry activity leads that of the overall economy. February was the CAB's seventh consecutive monthly gain.

"The increase in chemical industry activity continues to be a good sign for the overall health of the economy," said Kevin Swift, chief economist at ACC. "But uncertainty is still present and the impending sequester is likely to stifle growth slightly for the remainder of the year. The bright spots continue to be increasing activity in construction-related coatings, pigments, and plastic resins, all suggesting a continuing recovery in the housing market. Likewise, plastic resins used in consumer and institutional applications are growing faster, hinting at stronger consumer confidence."

Reflecting the findings of the CAB, a survey published Monday by the National Association for Business Economists (NABE), found that more than 95% of the forecasters surveyed believe that growth in real GDP in 2013 is likely to be negatively affected by uncertainty surrounding the U.S. fiscal imbalances and issues linked to the continuing resolution, sequestration and the debt ceiling.

Participants in the NABE survey also expect that real personal consumption expenditures will continue last year's 1.9% growth rate in 2013 and then accelerate to 2.5% growth in 2014. Panelists also suggested strong growth in residential investment, housing starts, and home prices.

For more information, visit www.americanchemistry.com.

More News:

  • SOCMA Hosts 93rd Annual Dinner And Awards Showcase

    The Society of Chemical Manufacturers and Affiliates (SOCMA) is returning to the New York Marriott Marquis Times Square on December 8, 2014, for its 93rd Annual Dinner honoring Performance Improvement Award winners and featuring a Leadership and Business Development Speaker Showcase.

  • Summit Features Bio-Based Tech Startups

    The 6th Next Generation Bio-Based & Sustainable Chemicals Summit, February 3 – February 5, 2015, in New Orleans, LA brings together bio-based tech startups, specialty chemical manufacturers, chemical majors, feedstock providers, financiers and strategic venture capitalists to explore bio-based chemicals.

  • Flint Hills Resources Will Cease Marysville Operations

    Flint Hills Resources plans to close its Marysville, Michigan polypropylene facility.

  • EFCE Seeks Award Nominees

    Award honors outstanding thesis in thermodynamics or transport properties

  • British Safety Regulator Gets New Head

    Executive has worked in both the public and private sectors

  • AkzoNobel Partnership Investigates Waste As Feedstock

    AkzoNobel is part of a major Dutch partnership working with Canada's Enerkem to explore the use of waste streams as a feedstock for chemical production and the development of waste-to-chemicals facilities.

  • Scientist And CorningWare Inventor Stookey Dies

    S. Donald Stookey, credited with inventing CorningWare, died on Tuesday, November 4 at the age of 99.

  • DOE Funds New Gasification Research

    The Department of Energy announced new investments in gasification research.

  • SOCMA Awards Honor EHS&S Improvement

    More than 28 member facilities will receive 2014 Performance Improvement Awards for their outstanding commitment to continuous improvement in environmental, health, safety and security (EHS&S) practices at the Society of Chemical Manufacturers and Affiliates (SOCMA) 93rd Annual Dinner on December 8 in New York.

  • PEER Launches Legal Defense Fund For U.S. Scientists

    The Public Employees for Environmental Responsibility (PEER) has launched a free legal defense fund for U.S. scientists in government and academia.

All news »

What are your comments?

Join the discussion today. Login Here.

Comments

No one has commented on this page yet.

RSS feed for comments on this page | RSS feed for all comments