US economic growth sluggish despite optimistic statistics

09 September 2011 18:36  [Source: ICIS news]

HOUSTON (ICIS)--The US economy showed some positive signs this week, but growth continues to be very slow, the American Chemistry Council (ACC) said on Friday.

The consumer debt report indicated that people were still shopping, and strong exports in July forced down the trade deficit, the ACC said in its weekly chemistry and economic report.

The group said the only negative economic news for the week was the fall in semiconductor sales.

“In short, we see an economy still near stalling speed,” the ACC said.

Outside the US, the European sovereign debt crisis continues to be the largest threat to the global economy, the ACC said.

Additionally, manufacturing activity has slowed in Asia and Europe.

Outside of the report, a trader of polyvinyl chloride (PVC) said that a lack in global business has weakened export prices for the resin.

“There simply aren’t any buyers anywhere," the trader said. "Everyone is waiting for either some good news (if the politicians could actually get together and resolve something) or bad news (market collapse and much lower prices).”

Additional reporting by Ruth Liao

Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy

By: Bobbie Clark
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