Data from March indicate that the global chemical production regional index (CPRI) was flat after three consecutive monthly gains, while the U.S. CPRI was up slightly in March, according to the latest edition of the Weekly Chemistry and Economic Report from the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com).
On a three-month moving average basis, the global CPRI was up 1.5% over last year, and the U.S. CPRI is up 1.3%. The ACC report noted that most leading indicators of global industrial activity continue to signal a tentative recovery.
The ACC said the few economic reports out last week suggested a loss in momentum of the recovery. “Consumer confidence slipped as consumers’ short-term expectations dampened on continued labor market weakness and higher gas prices,” the report says.
According to other data cited in the ACC report, “Following a boost of consumer spending during the 1st quarter, consumers reported they were less likely to purchase autos or appliances over the next six months,” the report says.