The Global Chemical Production Regional Index (CPRI) continued to rise in April, according to data from the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com) that was reported in the ACC’s latest Weekly Chemistry and Economic Report.
The April rise marks the fifth consecutive monthly gain in global CPRI, which was up 2.6% over last year on a three-month moving average basis. “Most leading indicators of global industrial activity signal a tentative recovery,” the ACC report said.
Simultaneously, as ACC reported earlier this week, the U.S. CPRI slipped in April by 0.3%, following a downwardly revised decline in March. “Chemical production fell in all [U.S.] regions,” ACC said.
In assessing the week’s other reports on the global economy as a whole, and the overall U.S. economy, the picture was somewhat different. ACC said most reports this week in the U.S. were positive, pointing to a U.S. Department of Labor report that indicates continuing job creation. Also, home sales data suggest that a recovery in housing is “gathering strength,” the ACC report says.
However, the ACC report points to declining oil prices (to just below $90/bbl) as an indicator that the global economy as a whole may be slowing, with the economic situation in Europe “deteriorating” and China “clearly slowing,” the report says.