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...