The chemical industry in the U.S. was one of the manufacturing sectors reporting expansion in September, according to data from the Institute for Supply Management (ISM) that was discussed in the American Chemistry Council’s (ACC; Washington, D.C.; www.americanchemisry.com) most recent economic trends report. The gain in the chemical industry was led by gains in exports and other new orders, employment and imports, ACC comments.
The ACC report mentions ISM data that suggest overall manufacturing activity expanded for the 26th consecutive month, but the pace of expansion is much slower – barely above stalling speed, ACC remarks.
Summarizing the week’s economic data, the ACC report says there was mixed results, but weighted toward positive for first time in a number of months.
Wholesale sales of chemicals in the U.S. fell 3.0% to $9.4 billion through August, U.S. Census Bureau data indicate, and light vehicle sales were up in September by a larger-than-expected total, the ACC stated.
Citing data from the Bureau of Labor Statistics, the ACC report notes that overall employment in the U.S. chemical industry rose by 1,400 jobs in September. The number of production workers was up by 5,200, while means the number of non-production workers fell by 3,800.
The S&P 500 index fell 7.2% during September, and the S&P index for chemical companies followed, down by 13.9%. From the beginning of the year, the overall S&P 500 is down 10.1% and the chemicals index is down by 16.6%.
Outside the U.S., attention remains on Europe and whether it can withstand its debt crisis. In Germany, which had been an engine of growth, production slowed, the ACC report said.
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