19 August 2011 22:35 [Source: ICIS news]
HOUSTON (ICIS)--The US economy will expand at a sluggish pace through the rest of 2011, a chemical industry group said on Friday.
The American Chemistry Council (ACC) said forecasters are not expecting another recession, but “the economy seems to be cruising at a near stall speed”.
“The economy is performing like a bi-plane… buffeted by headwinds,” the ACC said in its weekly economic report.
“Americans are faced with the stressful combination of prices rising at the gas pump and elsewhere, while income continues to be inhibited by depressed home sales, and jobs are still hard to find,” the group added.
The ACC said individual product reports for chemicals were promising, especially considering the increase in railcar loadings of polymers and basic chemicals, which rose 715 railcars for the week ended 13 August, according to the Association of American Railroads (AAR).
"On the other hand, the industrial production report [by the Federal Reserve Bank] indicated weakness in chemicals," the ACC said.
Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
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