Production of chemicals in the U.S. rose by 0.6% in April amid wider growth in industrial output, according to the latest American Chemistry Council (ACC) Weekly Chemistry and Economic Trends report. After April, the level of U.S. chemical production stood at 108% of that of 2002.
Industrial production in the U.S. as a whole rose by 0.8% in April, and is up 5.2% compared to a year ago. The trend was reflected in Europe, where industrial production was up 6.9% over a year ago, and the combined gross domestic of the Eurozone countries was up by 0.5%, the first positive year-earlier comparison since 2008, ACC says.
Commenting on recent economic data, ACC says rising consumer credit, a solid gain in retail sales and increased exports "herald a return of the consumer." Because of the rising exports, greater capital spending and restocking, manufacturing is leading the economic recovery, the council adds.
The ACC market capitalization of U.S. basic and specialty chemical companies rose by 1.7% this week, to $525.7 billion. Meanwhile the S&P 500 Index was up 2.6% during the week ending Thursday May 13.