31 March 2008 19:00 [Source: ICIS news]
TORONTO (ICIS news)--US manufacturing is expected to grow 3.4% in 2009, compared with only 0.5% forecast for 2008, a top industry group said on Monday.
The worsening ?xml:namespace>
Housing starts were down 26% in the fourth quarter of 2007 and were forecast to plummet another 33% in 2008 before bottoming out in the second quarter, said the group’s chief economist Daniel Meckstroth.
Partially offsetting the housing crisis were growing exports, which are expected to expand by 8.1% in 2008 and 9.9% in 2009 on an inflation-adjusted base.
“Any recession is bad news for manufacturing,” said Meckstroth.
“However, the structure of the current downturn is concentrated in finance, real estate, and construction and not on manufacturing intensive demand such as business equipment and exports.”
“Furthermore, the reduction in consumer spending may well hurt foreign imports more than domestically produced items.”
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections