Industrial production in the U.S. rose by a “surprisingly robust” 0.9% in July, according to data discussed in the most recent Weekly Chemistry and Economic Trends report from the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com). However, overall production in the chemical sector fell in July by 0.3%, to continue an uneven pattern in 2011, ACC said.
Citing data from a U.S. Federal Reserve Board report, the ACC report said industrial production was at 94.2% of average levels for 2007, the highest levels since September 2008. The overall rise was driven largely by mining output, which gained 6.6%, and motor vehicle production, which was up 5.2%.
Surveying the week’s economic reports, ACC pronounced the results “mixed,” as building activity and existing home sales fell alongside the higher industrial production. In the chemical industry, despite the weakness in chemicals, some individual chemical product reports show continued gains, including in soda ash and methylene diphenyl diisocyanate, the ACC report said, adding that there was strength in the number of railcar loadings.
The ACC report also mentions the monthly survey of economic forecasters. Although none of the forecasters expects another recession, the economy seems to be moving “at near stall speed,” the ACC report said.