Global CPRI flat in October; U.S. CPRI up slightly, ACC says
The Global Chemical Production Regional Index (Global CPRI) was flat in October, following 10 months of gains, according to data from the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com).
In its most recent Weekly Chemistry and Economic Report, ACC commented that the gains in North America, Latin America, Africa and the Middle East were offset by weakness in Europe and the Asia-Pacific region. The index was up 3.2% over this time last year, on a three-month moving average basis, ACC added.
For the U.S., the CPRI rose by 0.2% in October, following an upwardly revised 0.3% increase in September, the ACC report says. On a three-month moving average basis, gains in the output of organic chemicals, plastic resins, consumer products, coatings, adhesives and other specialty chemicals were offset by lower production of pesticides, fertilizers, manmade fibers, synthetic rubber, industrial gases and pharmaceuticals, the report notes.
In the wider economy, ACC data indicate that the U.S. housing market “appears to be improving on a sustained basis,” but the “specter of falling off the fiscal cliff has raised uncertainty among business leaders.” Because of the uncertainty, business managers are pulling back on capital spending and hiring decisions. “Manufacturing continues to weaken as investment drops ahead of uncertainty around the resolution of the fiscal cliff,” the ACC report says.