Total production by the chemical industry rose 0.2% in May, but the pace of the economic recovery is slowing, the American Chemistry Council (ACC; Arlington, Va.; www.americanchemistry.com) says in recent reports.
One recent ACC Weekly Chemistry and Economic Trends report states that "the pace of the gain suggests that the V-shaped recovery at the global level is slowing," adding that "most leading indicators of global industrial production suggest a slowing pace of growth in the 2nd half" of 2010.
Global chemistry production was 10.7% higher than a year earlier, and the year-earlier comparisons have improved in every region (early 2009 levels represented the trough of the downturn), ACC says.
The latest ACC Weekly Chemistry and Economic Trends report, focused largely on economic reports outside the chemical industries. Wider economic reports also point to a moderating recovery, the report says.
Continued poor job prospects and a weak housing outlook pulled down consumer confidence, ACC points out, and still tight credit conditions and household deleveraging "foster headwinds against the pace of growth of consumer spending."
Recent employment data are disappointing, ACC says, noting that "private-sector employment gains were tepid."