Overall industrial production declined 0.6% in March, but the chemical industry was one of few industry sectors experiencing production growth, according to the latest Weekly Chemistry and Economic Report from the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com).
While the March decline in industrial production leaves the level down 2.0% year-over-year, chemical production, excluding pharmaceuticals, was up 0.9% in March, following a 1.0% dip in February.
“Many segments posted growth in March,” the ACC report says, including organic chemistry, plastic resins, synthetic rubber, coatings, adhesives, consumer products, fertilizers, crop protection, and pharmaceuticals. “These gains were partially offset by lower production of inorganic chemicals, manufactured fibers and other specialties,” the report says.
Meanwhile, much of the headline decline in overall industrial production can be attributed to contraction in mining and utilities, the ACC report noted.