ACC leading indicator rises for 8th consecutive month
The chemical activity barometer (CAB), a macroeconomic leading indicator developed by the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com), rose in March on a three-month-moving-average (3MMA) basis. The March gain is the eighth consecutive monthly gain, and the CAB readings for November through February were each revised upward by 0.1 points. The CAB index stood at 92.5 in March, and is up 2.9% year-over-year, on a 3MMA basis, ACC says in its latest Weekly Chemistry and Economic Report. This is a slowing year-over-year comparison, ACC comments.
Commenting on the details of the CAB data, ACC said “production-related indicators rose,” and “rising activity in construction-related plastic resins, coatings, pigments and other chemistry suggests recovery in housing will continue but at a slower pace.”
Meanwhile, overseas, a number of industrial production reports in Europe and Asia were negative, the ACC report said.