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January 18, 2013

Signs of stabilization for major economies, ACC report says

Scott Jenkins

Data for the composite leading indicator (CLI) from the Organization for Economic Co-operation and Development (OECD; Paris, France; show “signs of stabilizing outlooks in most major economies,” according to analysis contained within the latest Weekly Chemistry and Economic Report from the American Chemistry Council (ACC; Washington, D.C.;
The CLIs indicate that the economies of the U.S. and U.K. show signs of “growth firming,” and Brazil, Japan and Europe all appear to have stabilizing growth prospects, the report says. CLIs for Russia and Canada, however, signal weak growth prospects in those areas.  
Citing separate economic data from the U.S. Federal Reserve Board, the ACC report also said that industrial production in the business of chemistry rose in December 2012 by 1.4%, to 87.7% of its average level of 2007. The rebound follows a 0.2% drop in both November and October. ACC said production of basic chemicals rose 1.6% in December, according to the FRB data, and production of manmade fibers was up 3.7%. Production of synthetic rubber (up 2.4%), bulk petrochemicals and organic intermediates (up 2.0%) and specialty chemicals (up 1.2%) drove the rebound, while plastic resin production was down 0.5%, the ACC report said.
Overall, industrial production rose 0.3% in December, which followed a revised 1.0% gain in November and a 0.3% decline in October.

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