30 July 2010 20:37 [Source: ICIS news]
HOUSTON (ICIS)--A survey showing improved business conditions for manufacturers in the US midwest could be a very positive indicator for the US plastics industry, the American Chemistry Council (ACC) said on Friday.
The Chicago Business Barometer survey – conducted by the Institute for Supply Management (ISM) in Chicago – rose 3.2 points to 62.3 in July, marking the 10th consecutive month of growth. Any reading above 50 signals economic expansion, according to the ISM.
The ACC noted that Chicago was a geographical focus for plastics processing.
“Plastic resins sales correlate well with this index, and the report was very positive for the industry,” the ACC said.
All seven of the survey’s indexes were positive, with five of the seven improved in July from June levels.
Specifically, new orders, order backlogs, production, inventories and employment all moved upward from June, the ISM reported.
To discuss issues facing the chemical industry go to ICIS connect
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