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This morning’s employment report showed that the labor market cooled in July. Growth in nonfarm payrolls continued to expand, though at a much slower pace. Annual growth in average hourly earnings continued to ease.
Sales and captive (internal) use of major plastic resins totaled 8.6 billion pounds during June 2024, an increase of 0.4 percent compared to the prior month, and an increase of 7.3 percent from the same month one year earlier.
Growth in the core PCE price index (the Fed’s preferred inflation measure) remained stable at its lowest level since the first half of 2021.
Consumer prices eased slightly in June, the first monthly decline since the early days of the pandemic.
ACC’s July Survey of Forecasters points to continued expansion in the US economy at the start of Q3 followed by a downshift in the second half of the year.
Job growth in chemicals and pharmaceuticals rose in June, led by a strong gain in the number of production workers
U.S. production of major plastic resins rose strongly over May to level higher compared to a year ago. ACC’s U.S. CPRI retreated over May as chemical production eased across all regions.
Chemical production volumes rebounded in May with broad gains across most segments.
“Looking ahead the U.S. economy will drive up demand across many key chemistry end-use industries, which should tee up a healthy increase in chemical output,” said Martha Moore, Chief Economist at the American Chemistry Council. “This promising ou...
The number of new jobless claims rose by 13,000 to 242,000 during the week ending June 8th. Continuing claims increased by 30,000 to 1.82 million, and the insured unemployment rate for the week ending June 1st was unchanged at 1.2%.