The S&P index for chemical companies advanced by 3.8% in August, matching the 3.8% rebound experienced by the wider S&P 500, according to the latest Weekly Chemistry and Economic Report from the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com).
Meanwhile, the JPMorgan Global Manufacturing Purchasing Manager’s Index (PMI) “signaled sustained expansion of the global manufacturing sector during August,” the ACC report says, with the Global PMI rising 0.2 points to 52.6.
In the U.S., construction spending on new chemical manufacturing facilities has surged to new all-time-high pace, ACC says, to take advantage of abundant natural gas and natural-gas liquids (NGL) supplies in the U.S. “Spending has surged recently as several large projects have broken ground,” the ACC report says.
ACC characterizes the week’s economic reports as “positive” overall.