A host of largely positive economic reports out during the past week were highlighted by a surprising gain in retail sales, as well as growth in overseas industrial production, the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com) says in its most recent Weekly Chemistry and Economic Trends report.
"Retail sales experienced a strong gain," ACC said, "surprising on the upside, and suggesting that the consumer cannot be counted out." The bump in retail sales will ease concern that weak consumer spending will endanger the economy and cause a "double-dip" recession, ACC remarks.
Industrial production in many regions also grew according to data coming out over the past week. In Europe, industrial production improved during August by 7.9% over one year before, and India’s industrial output grew by 5.6% over a year ago, ACC reported. The growth, however, is a marked deceleration of July’s 15.2% year-earlier comparison. Industrial production in Mexico accelerated to an 8.1% year-to-year pace, ACC said.