Production of chemicals in the U.S. rose in November, and most recent economic data is positive, according to the latest edition of the American Chemistry Council’s (ACC; Washington, D.C.; www.americanchemistry.com.) Weekly Chemistry and Economic Report.
Strong gains were observed in inorganic bulk petrochemicals, organic intermediates and plastic resins, ACC says. Railcar loadings data also indicate continued expansion, the report states.
The chemical industry data arrive amid other positive news, including a strong rise in retail sales that brings confidence that the holiday shopping season will not be a bust. Industrial production was also up broadly, with gains set to continue into December, ACC says. Globally, industrial production also improved in China, where a 13.3% year-to-year gain was observed, and India, which saw a similar strengthening, the report says.
The ACC report points out that the one remaining weak spot in the U.S. economy continues to be housing.