16 December 2011 19:28 [Source: ICIS news]
HOUSTON (ICIS)--The American Chemistry Council (ACC) said on Friday the US economic recovery is improving based on several reports released during the week.
“Initial claims for unemployment insurance fell to their lowest level in more than three years, an encouraging signal that the labour market is improving,” the ACC said in its weekly economic report.
“Business inventories and sales expanded, and the latter gain was broad-based across the supply chain,” the ACC added.
Retail sales also improved, and while industrial production slipped in November, regional surveys show that activity is improving for December, the group said.
“Furthermore, small business optimism is improving,” the ACC added.
However, a possible recession in Europe would hinder the recovery in the US.
“Uncertainty seems to be a recurring theme in the eurozone,” the ACC said.
“There is continued talk that the US is decoupled from Europe. This is true, to a certain extent, but a recession there will affect activity over here.
“US exports of chemicals to Europe are off. This weakness will spread to other US export industries,” the ACC added.
Paul Hodges studies key influences shaping the chemical industry in Chemicals and the Economy
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