The Global Chemical Production Regional Index (CPRI) rose by 0.4% in July, according to the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com), marking the eighth month of gains. In its latest Weekly Chemistry and Economic Report, ACC says the index was up 3.2% year-over-year, on a three-month moving average basis.
Production in Latin America and Western Europe slipped, while production in Central and Eastern Europe rose slightly. In Africa and the Middle East, “the situation has improved slightly during July,” ACC said.
In the Asia-Pacific region, production in China has “regained traction” after declining production late last year.
Capacity utilization in the global business of chemistry decreased by 0.5 percentage points to 84.7% in July, ACC said, adding that this level is below the long-term average of 91.2%.
Despite the gain globally, U.S. chemical production fell slightly during July, the ACC report said.
Analyzing the week’s other economic data for the U.S., the ACC reported positive news overall. Both new and existing home sales rose in July, ACC said, and the trend is one of slow recovery. “Home price measures continue to be mixed, but one of the broader measures, the FHFA index, suggests home prices [in the U.S.] are growing again,” the ACC report said. “This is a positive sign for the economy,” ACC add