The U.S. economy is on “solid footing” at the midpoint of 2024, and recession risks have moderated, according to the ACC Mid-Year Situation & Outlook 2024 from the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com).
Martha Moore, ACC chief economist, said “Looking ahead, the U.S. economy will drive up demand across many key chemistry end-use industries, which should tee up a healthy increase in chemical output. This promising outlook is dampened by the rising regulatory impact on the chemical industry, which threatens to undermine America’s competitive advantages in energy and the potential growth generated by the rebound in U.S. manufacturing.”
Among the takeaways from the mid-year report are that recession risks have moderated, and consumer spending and investment continue to propel the U.S. economy. Also, demand for chemicals is recovering, and inventories are in a more balanced position across the supply chain, the ACC report said.
“U.S. production remains competitively advantaged due to shale and new investments in chemistry-containing clean technologies, but strong regulatory headwinds remain a threat,” ACC said in its report.
For more details and supporting data, visit: https://www.americanchemistry.com/chemistry-in-america/news-trends/blog-post/2024/solid-economy-provides-boost-to-chemical-production