Tempered expansion of the U.S. economy continues, according to the most recent American Chemistry Council (ACC) monthly Chemical Activity Barometer (CAB).
The economic indicator, shown to lead U.S. business cycles by an average of eight months at cycle peaks, increased 0.1 percent over April on a three-month moving average (3MMA) basis. This is the barometer's 10th consecutive monthly gain, following downward revisions for March and April of 0.4 percent for both months. Production of plastic resins used in consumer and institutional applications continues to expand, suggesting further economic gains driven by the consumer. The findings are consistent with other economic data released in recent days showing a six-year high in consumer sentiment.
The CAB is a leading economic indicator derived from a composite index of chemical industry activity. Due to its early position in the supply chain, chemical industry activity leads that of the overall economy.
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