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August 15, 2014
U.S. chemical production increased in July, ACC report says
Citing data from the U.S. Federal Reserve (Washington, D.C.; www.federalreserve.gov
), the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com
) said production by the chemical industry in the U.S. increased by 0.6% in July. Excluding pharmaceuticals, chemical production rose 0.7%. The information was included in ACC’s latest Weekly Chemistry and Economic Report.
Driving the increase was a 2.5% gain in the production of specialty chemicals in July. The ACC said strength was noted in production of adhesives and sealants, coatings and specialty sealants. Compared to the same period last year, overall production of chemicals was up 1.2% on a three-month-moving-average basis.
Other information in the report indicates that capital investment by the chemical industry and other related manufacturing industries related to shale gas in the U.S. continues to rise. The ACC’s current list of chemical industry projects contains 196 projects, representing a total cumulative investment of $123.8 billion.
Overseas, the ACC said the euro-zone recovery may have weakened during the second quarter, with growth at 0.2%. Growth in Germany slipped, the ACC report said, along with the economies of Italy and France. Those declines, however, were offset by gains in Spain and the Netherlands.
Looking at the week’s economic data overall, the ACC report said they were largely positive.