Citing data from the U.S. Federal Reserve (Washington, D.C.; www.federalreserve.gov), the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com) said in its latest Weekly Chemistry and Economic Report that overall production for the U.S. chemical industry increased by 0.7 percentage points during June.
However, production was stable from the previous month if pharmaceuticals are excluded. Pharmaceutical production rose 1.1% in June. For other product sectors, a 1.9% gain in synthetic rubber was offset by weakness in inorganic chemicals, bulk petrochemicals, plastic resins and manufactured fibers, as well as a 0.9% decline in the production of basic chemicals, ACC said.
On the other hand, production of specialty chemicals rose 0.2% in June, the ACC report said, with weakness in coatings, adhesives and sealants being more than offset by strength in other specialty segments. Compared to the same period in 2013, the overall production of chemicals is up 1.3%, the report said.
Looking at the week’s economic data, the ACC most were somewhat positive for the most part. The Conference Board’s (New York; www.conference-board.org) leading economic indicator (LEI) index for the U.S. rose 0.3% in June, the fifth consecutive monthly gain. However, the ACC’s survey of economic forecasters showed that pessimism about 2014 may be growing, while expectations for 2015 remain generally positive and unchanged.