The American Chemistry Council's tab of economic indicators held posted slight gains this week, with positive indicators at 16 out of 20, posting a green banner, the group said Friday.
The ACC attributed the week's posting to healthy light vehicle sales and growth in the service sector. The organization noted however that construction spending had fallen and the manufacturing sector contracted yet again. Negative sentiment was further bolstered by weaker-than-expected employment numbers which saw the unemployment rate at 8.1%.
US specialty chemicals market volume rose 0.3% in July, a moderated pace from the 0.8% gain in June, but an improvement from the soft activity from March through May. During July, there were large gains (1.0% and over) in the markets for electronic chemicals, flame retardants, foundry chemicals, mining chemicals, and plastic additives, the ACC said.
According to the ACC, latest Resin Production and Sales Statistics report, U.S. production of major plastic resins totaled 6.5 billion lbs during July, down 0.7% compared to the period the previous year. Year-to-date production was 43.8 billion lbs, down 0.1% compared to the same period in 2011. Sales and captive (internal) use of major plastic resins totaled 6.7 billion lbs during July 2012, an increase of 5.8% from the same month the previous year. Year-to-date sales and captive use was 43.9 billion lbs, a 1.8% increase as compared to July 2011.
Regarding railcar loadings, for the week ending 1 September, railcar loadings of polymers and basic chemicals rose by 292 to 329,635 railcars. Compared to the same week in 2011, loadings were down 1.7% year-on-year and were down 1.3% year-to-date, according to the Association of American Railroads (AAR). Loadings have been on the rise for seven of the last 13 weeks, the AAR said.
