23 September 2011 23:21 [Source: ICIS news]
HOUSTON (ICIS)--The outlook for the US economy for the rest of 2011 and 2012 has continued to weaken, the American Chemistry Council (ACC) said on Friday.
Forecasters’ expectations in several economic indicators have been lowered since last month, the ACC said in its weekly economic report.
“The economy is expected to rise by only 1.6% in 2011, down 0.1 percentage points from expectations last month,” the ACC said. “Consumer spending is expected to rise 2.1%, up 0.1 percentage points from last month.”
Expectations have also been pared for light vehicle sales, housing starts, business investment and industrial production, the ACC said.
For 2012, expectations have been reduced more drastically.
“The forecasters expect economic growth to average 2.1%, down 0.3 percentage points,” the ACC said. “The outlook for consumer spending is for a 2.0% gain in 2012, down slightly from last month.”
Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
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