13 February 2009 20:07 [Source: ICIS news]
HOUSTON (ICIS news)--The 2009 ?xml:namespace>
The economists expect the overall GDP to decline by 2% in 2009, 0.2 point worse than expected a month ago, with consumer spending predicted to decline by 1.1%, also under January expectations, the ACC said.
Industrial production is predicted to fall 7.2% in 2009, 1.4 points worse than January predictions and a further decline from the 1.8% drop in 2008, the ACC said.
Likewise, business investment is expected to fall 10.4%, 1.6 points under January numbers and a sharp contrast from the 1.8% gain in 2008 and the 4.9% gain in 2007, the ACC said.
Expectations for housing starts declined significantly as well, with February’s prediction of 540,000 units, a 58,000 reduction from January figures, the ACC said. That prediction would represent a 74% decline from the 2005 peak of 2.07m units.
For 2008, the US GDP showed a 1.3% gain, with consumer spending up 0.3%, the ACC said.
Polyethlene production fell by 39.1% year over year, and PP resins declined by 15.4%, the ACC said.
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