17 December 2010 19:32 [Source: ICIS news]
HOUSTON (ICIS)--US production of petrochemicals and organic chemicals rose more than 10% in November, the American Chemistry Council (ACC) said on Friday, tracking a greater-than-expected monthly gain in US industrial production.
November production of petrochemicals and organic chemicals rose 10.8% year on year, closely followed by a 10.6% increase for synthetic rubber.
Coatings production was higher by 4.2% year on year, while output for agricultural chemicals and specialty chemicals rose by 4.1% and 2.2%, respectively.
Plastic resin production in November rose by 0.8% year on year.
Total chemical production - excluding pharmaceuticals - rose by 5.6% in November. That far outpaced the broader industrial production index, which increased by a greater-than-expected 0.4% in November after a decline of 0.2% in October.
“That industrial production accelerated again after a mild contraction in October and weak expansions on the previous two months is positive,” the ACC said in its weekly economic report.
The 5.6% increase in total chemical output, excluding pharmaceuticals, was up from a 5.4% year on year improvement in October and September each.
“The evidence coming in with these latest reports suggests that the soft patch is over,” said ACC chief economist Kevin Swift.
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