Americas top stories: weekly summary
HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 29 July.
US Leading Business Barometer signals recession
The ICIS US Leading Business Barometer (LBB) is signalling a likely recession ahead, potentially in the next seven months, according to the ICIS senior economist.
INSIGHT: US Fed raises
interest rate by 0.75 point, sees output
The Federal Reserve raised its benchmark interest rate on Wednesday by 0.75 point for the second consecutive time as it attempts to slow down inflation without pushing the US into a recession.
GDP fell 0.9%, economy may have entered
recession – BEA
US real gross domestic product (GDP) decreased at an annual rate of 0.9% in Q2, following a 1.6% decrease in Q1, the Bureau of Economic Analysis (BEA) said on Thursday in an advance estimate of Q2 GDP trends.
LyondellBasell pushes US
PO/TBA project start-up to Q1
LyondellBasell has pushed the start-up of its propylene oxide (PO) and tertiary butyl alcohol (TBA) project towards the end of the first quarter of 2023, the company said on Friday.
Eastman is moving ahead with plans for an ethylene-to-propylene conversion project that could become operational around 2024-2025, Mark Costa, CEO of the US-based chemicals company, said during Eastman’s Q2 earnings call on Friday.