08 November 2012 18:12 [Source: ICIS news]
WASHINGTON (ICIS)--US chemicals production was flat in September for the second consecutive month, the American Chemistry Council (ACC) said on Thursday. Output was 0.5% lower than September last year.
In its monthly chemical production regional index (CPRI) for the US, the council said that output was down in five of the seven regions tracked by the index, with only the US Gulf coast area and the Ohio valley showing gains.
But the 0.2% production gains reported for those two regions were wholly offset by declines of 0.1% to 0.3% in the other five regions, including the m?xml:namespace>
Although the chemicals sector was flat in both August and September, the process industry is doing better than the overall
The council said its survey showed that
“Manufacturing, which had been a driver of growth over the past two years, has weakened in recent months,” the council’s index report said.
That weakening in overall
On Wednesday this week, US stock markets plunged following the nationwide
Part of the uncertainty that tumbled shares on Wednesday is driven by worries that the White House and Congress might be unable to come to terms on measures to avert the so-called “fiscal cliff” that will kick in on 1 January.
The fiscal cliff is the combination of several expiring Bush-era income tax cuts and other effective tax increases, plus a mandated sharp reduction in federal military and domestic spending.
All together, the expiring tax cuts and spending cutbacks could take as much as $800bn (€624bn) out of the
The US Congressional Budget Office (CBO) has warned that if policymakers fail to avert the cliff – by restoring some or all of the lapsing tax cuts and paring back the federal spending reductions or a combination of both – the
($1 = €0.78)
Paul Hodges studies key influences shaping the chemical industry in Chemicals and the Economy
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