17 February 2012 20:49 [Source: ICIS news]
HOUSTON (ICIS)--US manufacturing production has continued to grow as a result of pent-up demand, the American Chemistry Council (ACC) said on Friday.
"Consumers and businesses delayed making major purchases during the recession and the anaemic recovery since, resulting in pent-up demand that is now manifesting itself in heightened consumer spending and business investment," the ACC said in its weekly economic report.
The ACC said the US economy continues its recovery as the housing sector continues to strengthen while inflation has stayed in check.
"Inventory accumulation along the supply chain is contributing to growth," the ACC said.
Meanwhile, industrial production in the eurozone slipped for the fourth month in a row, "and at an accelerated pace," the ACC said.
"Production was weak elsewhere but seems to be stabilizing in some of the east Asian economies," the group added.
In related news, the Conference Board on Friday said its leading economic index (LEI) for the US increased by 0.4% in January, following December's 0.5% gain and a 0.3% advance in November.
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