The Global Chemical Production Regional Index (Global CPRI) rose 0.3% in January, according to the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com).
In the latest ACC Weekly Chemistry and Economic Report, ACC points out that chemical production gains in North America, China, Africa, the Middle East and Latin America more than offset weakness in Europe. On the basis of a three-month moving average, the Global CPRI is up only 2.0% over a year ago. “Most leading indicators of global industrial activity signal further softness,” the report states.
In the U.S., the Chemical Production Regional Index (U.S. CPRI) rose by 0.4% in January, following a revised 0.2% gain in December of last year. “Following several months of mixed results, chemical production rose in all seven [U.S.] regions during January,” the report says.
In summarizing the week’s economic reports, which were centered on housing, the ACC report said the news was mixed. New home sales disappointed, but revisions showed a better-than-previously-thought fourth quarter. Also, existing home sales were up, “indicating progress toward clearing the backlog.”
“Although mortgage foreclosures continue to increase supply and depress prices, credit conditions are easing, affordability is at an all-time high, there’s pent-up demand and with sustained job growth, a revival of housing is possible, most likely in 2013-2015,” the ACC report remarks.
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