Production of major plastic resins in the U.S. was 6.2 billion lb in February, a total that is 11.9% higher than the same month last year, according to an analysis by the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com). In its latest Weekly Chemistry and Economic Report, ACC says the year-to-date production of plastic resins in the U.S. was 12.7 billion lb, which is 7.4% higher than the same period in 2011.
The analysis conducted by ACC indicates that customers were restocking inventories of major plastic resins such as PVC, HDPE, LLDPE, PP, LDPE during February. The restocking follows a stretch in late 2011 where inventories were being drawn down, ACC says.
Assessing the week’s economic reports, the ACC says the data are mostly positive, with consumer spending experiencing its highest gain in seven months. Other indicators suggest a stabilizing housing market, rising wages and a willingness to take on debt, the ACC report says. One risk the report points out is that higher gasoline prices could limit gains in consumer spending.