30 March 2012 21:24 [Source: ICIS news]
HOUSTON (ICIS)--The American Chemistry Council (ACC) has welcomed recent data indicating continued expansion in the ?xml:namespace>
It said that the
Official February data showed personal income increased by 3.2% year on year, while consumer spending rose 4.1%.
“These reports suggest that the economy may be strengthening in light of improving payroll gains, rising wages, and a willingness to take on additional debt,” ACC said in the report.
“Pent-up demand, a stabilizing housing sector, and an accommodative Fed are other factors behind a strong growth scenario.”
However, the ACC warned that rising gasoline prices could stall consumer spending.
Gasoline prices in the US have shot up by about 24% since the start of the year to $3.4006/gal on 29 March, according to ICIS.
Meanwhile, major plastic resins production in the US rose 11.9% year on year in February, while year-to-date production totalled 12.7bn lbs, up 7.4% year on year, the ACC reported.
“Analysis of underlying demand indicates that customers have been restocking their thermoplastics inventories thus far this year,” the ACC said. “This follows after a stretch of drawing down inventories at the end of 2011."
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