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November 15, 2013

Leading economic indicators suggest growth for OECD economies, ACC report says

Scott Jenkins

The Organization for Economic Co-operation and Development (OECD; Paris; www.oecd.org) released its composite leading indicator (CLI) for September and, according to the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com), the data signal improvements in growth in most major OECD countries and also possibly in China.
 
In its most recent Weekly Chemistry and Economic Report, where the data were discussed, ACC said, “The CLIs point to economic growth above trend in Japan, and to growth firming in the United Kingdom. The CLI for Canada indicates a positive change in momentum. In the United States, the CLI points to growth around trend. In the Euro Area as a whole, the CLI continues to indicate a gain in growth momentum.”
 
In emerging economies, the CLIs point to a tentative positive change in momentum in China, and to growth around trend in Russia, the ACC report said, adding that in Brazil and in India, the CLIs continue to signal growth below trend rates.
 
In the U.S., Census Bureau data discussed in the ACC report indicate that wholesale trade for chemicals fell 0.5% to $10.69 billion in September, while inventories rose 0.5% to $12.13 billion. Chemical exports fell $0.6 billion to $16.3 billion in September, while imports fell by $0.3 billion to $15.3 billion. As a result, there was a $987 million surplus in chemistry trade in September, the ACC report said.
 
Overall, according to the ACC report, the Census Bureau information suggests the nation’s trade deficit rose in September, increasing by $3.1 billion to $41.8 billion. Specifically, September exports of goods and services slipped by $0.4 billion to $188.9 billion, while imports increased by $2.7 billion to $230.7 billion.
 
Elsewhere, the ACC report included data from the U.S. Federal Reserve Board that suggests industrial production edged down by 0.1% in October after an increase of 0.7% in September.
 
However, production within the business of chemistry rose 0.2% to 87.0% of its average 2007 level during October, the ACC report said, adding that the pattern has been uneven in 2013.

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