American Chemistry Council: Global chemical production prolongs its economic growth within August, seeing anupsurge in production amid the impact of the devastating Hurricane Harvey, according to the latest monthly report from the American Chemistry Council (ACC). However, the pace of growth eased in the reported month on a monthly comparison basis due to disruptions from Harvey.
Growth Moderates in August
The chemical industry trade group said that the Global Chemical Production Regional Index (CPRI) rose 0.4% in August on a monthly comparison basis, down from a 0.5% gain in July. Hurricane Harvey weighed on production in the reported month.
The Global CPRI, which is measured using a three-month moving average, measures chemical production volumes for 33 major nations, sub-regions and regions. It is comparable to the Federal Reserve Board (FRB) production indices.
The ACC also noted that the Global CPRI went up 3.1% year over year on a three-month moving average basis. Capacity utilization for the global chemical industry moved up 0.1 percentage points to 80.7% in August.
The results were favorable on a product basis in August. Gains were witnessed in pharmaceuticals, organic chemicals, plastic resins, manufactured fibers, coatings and other specialty chemicals.
No comments:
Post a Comment