Thursday, June 4, 2015

American Chemistry Council: "This economy is vulnerable."

Via ICIS, the cheery folks at the American Chemistry Council (the trade group representing the chemical industry) are making predictions for the US economy in 2016 and 2017: 
COLORADO SPRINGS, Colorado (ICIS) -- The US economy will maintain growth below 3%, leaving it vulnerable to shocks, the American Chemistry Council (ACC) said on Tuesday. 
The ACC discussed the US economy in its mid-year outlook, released during the group's annual meeting. The US economy should grow by 2.5% this year and 2.9% in 2016, the ACC said. GDP growth should reach 2.8% in 2017 and 2.7% in 2018. 
Such a growth rate will leave the US economy susceptible to shocks, the ACC said. "This economy is vulnerable."
Read the whole thing here. Interesting statistics in that article:
"The average age of a US vehicle on the road remains high, reaching levels not seen since the 1930s, said Kevin Swift, chief economist of the ACC. 
Automobiles are an important end market for the chemical industry since each light vehicle contains an average of nearly $3,500 worth of chemicals.... 
...As a result, housing demand will remain below the US long-term trend of 1.5m units until 2018, the ACC said. 
Housing is another key end market for the chemical industry, since each home has an average of $15,000 worth of chemistry."
Boy, I don't think we're going to see strong GDP growth any time soon...  

1 comment:

  1. Especially with the increasing likelihood that Bernie Sanders will take the Democrat nomination, and possibly win the general election.

    Can't happen? BHO was elected with a far less impressive resume, and less of a history of bipartisan support (even if it was from Vermont).

    I have no doubt the Great Liberal Bureaucrat Machine on the Potomac will rally round him to enforce its agenda, should he land the nomination.

    If this is the case, I'm not sure we can expect renewed economic growth until well into the 2020s.