07 October 2012 10:38 [Source: ICIS news]
BUDAPEST (ICIS)--Uncertainty about the outcome of the US election is a likely factor holding back the US economy, a buyer said on Sunday, expressing hope that both the economy and chemicals demand will strengthen in 2013.
The market seems to still be moving sideways, the source said, adding that US consumers might be holding back because of doubts about the outlook of the US economy.
Overall, demand was not bad this year, but the expectation is that market conditions will improve in 2013, the source said on the sidelines of the 46th annual European Petrochemical Association (EPCA) meeting.
The EPCA meeting runs from Sunday to Tuesday in Budapest.
Another source attending the meeting downplayed the potential for major changes in the US economy as a result of the election.
The market, not the President, will determine what happens with the economy, the source said.
Still, a top US industry group recently suggested that US chemical makers feared another four-year flood of regulatory burdens in case President Barack Obama wins a second term.
The latest polls indicate the US election is still up for grabs as President Obama and Republican challenger Mitt Romney remain virtually tied in some key swing states.
The US presidential election will be held on 6 November.
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