Global manufacturing conditions edged back into expansion in December, following four straight months of contraction, according to the latest American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com) Weekly Chemistry and Economic report.
Citing data from the JPMorgan global manufacturing PMI (purchasing manager’s index), the ACC report said the global manufacturing PMI rose 1.1 points to 50.8 in December. Readings above 50 indicates improving business conditions, while those below 50 signify economic contraction.
“This suggests slightly expanding activity and a change of direction,” the ACC report says. “International trade in manufactured goods showed signs of stabilization, although export orders fell for the fifth month.”
Most economic reports for the week were positive in the U.S., ACC says. “Consumer confidence appears to be improving in light of recent job market gains,” the report pointed out.
While the S&P 500 Index slipped by 0.6% this week, the index for chemical companies was higher by 0.9%, the report says. For the whole of last year, the full S&P 500 index was essentially flat (down 0.1%), while the chemical company index fell by 3.4% across the year.
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