U.S. chemical exports increased by 4.8% in August, rising by $747 million to $16.2 billion, according to data from the U.S. Census Bureau that were discussed in the latest Chemistry and Economic Trends report from the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com).
Exports rose in all major chemical categories, except for agricultural chemicals, the report says. Meanwhile, imports of chemical products also rose by 8.7% to 16.9 billion, for a U.S. trade deficit in chemistry of $672 million in August.
The Census Bureau also reported that retail sales in the U.S. rose 1.1% in Sept., which is a stronger-than-expected jump, ACC points out. The gain was led by retail sales of motor vehicles and parts.
Another economic report discussed by ACC this week was the Organization for Economic Cooperation and Development (OECD) composite leading indicator (CLI) for August. “The [OECD] report points to a slowdown in economic activity in most OECD countries and major non-member economies,” ACC comments.
Although remaining depressed, the small business segment of the economy showed a sign of optimism, as the National Federation of independent Businesses reported that its small business optimism index rose by 0.8 points, its first gain since February. Cautious spending by consumers and businesses remain the largest concern, the ACC report remarked.