The U.S. Chemical Production Regional Index (U.S. CPRI) decreased by 0.3% in March, according to the American Chemistry Council’s (ACC; Washington, D.C.; www.americanchemistry.com) latest Weekly Chemistry and Economic Report. The decline in March follows flat growth for February and is the first retreat in U.S. chemical production since January 2014. All geographic regions of the U.S. posted March declines, the ACC report points out.
Chemical production by segment was mixed (when measured on a three-month-moving-average basis). Production gains were observed in chlor-alkali, industrial gases, other inorganic chemicals and consumer products. However, “these gains were more than offset by declines in the production of organic chemicals, fertilizers, coatings, adhesives, plastic resins, synthetic fibers, pharmaceuticals, pesticides and other specialty chemicals,” the ACC report says.
Total chemical production was still ahead of its level from March of last year, by 4.1%. “Chemical production remained ahead of year-ago levels in all regions,” ACC says.
Other data included in this week’s ACC report came from ACC’s monthly survey of economic forecasters. According to the averages of the responses from the survey, the U.S. economy (as measured by gross domestic product; GDP) is expected to rise by 2.9% in 2015. The gain is slightly lower than that projected in last month’s survey. “In general, expectations for 2016 remain positive,” the ACC report adds.