US chemistry group touts positive economic news

07 October 2011 21:52  [Source: ICIS news]

HOUSTON (ICIS)--The American Chemistry Council (ACC) on Friday raised its number of positive economic indicators this week to 15 out of 20, on better-than-expected payroll figures, rising construction spending numbers and increased car sales.

“The payroll report was positive and came in ahead of relatively modest expectations,” the ACC said in its weekly economic report.

“Construction spending rose and posted its first [year-on-year] gain in four years, suggesting that a bottom in overall construction spending occurred earlier in the year.”

Additionally, light vehicle sales rose to their highest level since the spring, and global semiconductor sales increased because of higher electronics demand, the group added.

“Manufacturing continued to grow at a modest pace despite strengthening headwinds, especially from abroad where global manufacturing contracted for the first time since mid-2009,” the ACC said.

However, job growth remained stagnant with the unemployment rate stuck at 9.1%, where it has stayed for the last several months, the ACC said.

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

By: Bobbie Clark
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