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On a 3MMA basis, chemical production within segments was mixed in July. There were gains in the production of industrial gases, synthetic dyes and pigments, other inorganic chemicals, adhesives, coatings and other specialty chemicals, synthetic rubber, and crop protection chemicals. These gains were offset by lower production of plastic resins, organic chemicals, fertilisers and consumer products, ACC said in a media release.
The US Chemical Production Regional Index (US CPRI) rose by 0.2 per cent in July following a 0.1 per cent decline in June and a 0.4 per cent gain in May, according to the ACC. Chemical output was mixed across regions. The US CPRI is measured as a three-month moving average (3MMA). On a 3MMA basis, chemical production within segments was mixed in July.
As nearly all manufactured goods are produced using chemistry in some form, manufacturing activity is an important indicator for chemical demand. Manufacturing output was flat in July (3MMA). The 3MMA trend in manufacturing production was mixed, with gains in the output of apparel, semiconductors, motor vehicles, oil and gas, foundries, plastic amd rubber products, aerospace, electronics, and construction supplies.
Compared with July 2021, US chemical production was up 0.7 per cent, a slower rate of growth than last month. Chemical production was higher than a year ago in all regions except the Gulf Coast, which was 1.9 per cent lower.
The US CPRI was developed to track chemical production activity in seven regions of the United States. The US CPRI is based on information from the Federal Reserve, and as such, includes monthly revisions as published by the Federal Reserve. The US CPRI includes the most recent Federal Reserve benchmark revision released on July 28, 2022. To smooth month-to-month fluctuations, the US CPRI is measured using a three-month moving average. The reading in July reflects production activity during May, June, and July.
Fibre2Fashion News Desk (KD)
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