Wholesale trade of chemicals slipped by 1.4% to $8.98 billion in December 2010, according to the latest Weekly Chemical and Economic Trends report from the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com), which cited data from the U.S. Census Bureau. The drop offsets a gain of the same size posted in November of last year. Overall, wholesale trade rose by 0.4% in December to $371.5 billion, following a 1.9% gain in November.
Sales in light vehicles, furniture, metals, machinery and petroleum all showed strong gains, the ACC says. Wholesale inventories overall rose by 1.0%, compared to a 2.1% increase in inventories for wholesale chemicals. The drop in wholesale chemicals, coupled with a rise in inventory, “merits additional attention” going forward, ACC says.
In analysis of other economic data, the ACC pointed out that the U.S. trade deficit widened amid growth in both imports and exports. Abroad, China’s central bank raised interest rates by one-quarter of a percentage point for the third time in four months to counter inflationary pressures. “Inflationary pressures have been building, especially in emerging markets,” the ACC report says.