The S&P index for chemical companies is up 5.6% from the beginning of 2015, while the wider S&P 500 Index is up only 2.2%, according to the latest Weekly Chemistry and Economic Report from the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com). The S&P chemicals index rose 6.8% in February, compared to 5.5% for the S&P 500, the ACC report added.
The report’s assessment of the week’s economic reports was “mixed,” with winter weather dampening economic activity in the Northeast and Midwest U.S., but a larger-than-expected gain in payroll employment.
In other measures, construction spending on chemical products continued to advance and was up sharply from a year ago, the report said. ACC’s running list of chemical industry projects totals 225 project, representing cumulative capital investment of $137.6 billion in the U.S., the report adds.
Looking to global measures, the ACC report said the JPMorgan Global Manufacturing Purchasing Managers’ Index (PMI) “signaled steady progress by the global manufacturing sector during February,” rising by 0.3 points in Feb. to 52.0 (readings above 50 indicate expansion).