24 September 2013 17:27 [Source: ICIS news]
HOUSTON (ICIS)--The US economy continues to improve, and growth is expected to expand into 2015, a key chemicals sector activity measure indicated on Tuesday as it reached its highest point since June 2008.
The September 3MMA barometer is up 3.3% year on year and indicated growth in chemical equities, downstream inventory, new orders and production.
Production of plastic resins used in consumer and institutional applications continues to grow at a strong pace, according to the index.
Meanwhile, construction-related plastic resins, coatings, pigments and other chemistry are likely to continue at a moderate pace, tapering the rapid gains typically seen early in a recovery.
“The chemical activity barometer is showing a strengthening of some fundamentals, with forecasts remaining positive,” said Kevin Swift, chief economist at the ACC. “Indeed, there is potential for upside surprises in the US economy.”
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