The S&P index for chemical companies rose strongly in October, by 15.0%, outpacing gains in the benchmark S&P 500 Index, which rose 8.3% in October. The numbers are included in the latest Weekly Chemistry and Economic Report from the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com).
Despite the gain in October, the S&P index for chemical companies was off from its level at the beginning of 2015 by 4.4%. meanwhile, the S&P 500 Index was up 1.0% over the level at the beginning of the year.
The most recent ACC report discussed employment report data that indicate the number of workers in the chemical industry in the U.S. fell by 1,600 in October overall. However the smaller number was a result in smaller non-production-worker employment. Production worker employment actually rose in October by 1,100.
Looking at the week’s economic data, the ACC summarized them as “mostly positive” although taken together, the information continues to “point to the divergence in the economic performance of the manufacturing sector and the services and construction sectors.” Manufacturing data suggest that sector is barely expanding, but construction continued to advance, the ACC report says.