The Perc Report includes monthly highlights on the most up-to-date plastics industry economic data, along with recent activities, articles, and blogs which you may have missed.
The average hourly earnings of private employees increasedby 4.3% in February compared to the previous year.
Following the recent Federal Open Market Committee meeting that concluded on March 20, 2024, the Federal Funds Rate remained unchanged within the 5.25% - 5.50% target range.
Automobiles and light truck assemblies saw a 1.9% riseto 10.5 million units in February on a seasonally adjusted annual rate.
Total housing starts saw a significant uptick, rising by 10.7% in February, rebounding from the 12.3% decline recorded in January. The average 30-year fixed-rate mortgage in the U.S. stood at 6.9% as of March 21, 2024.
The business expectation for sales revenue growth over the next 12 months standsat 3.9% for March.
Plastics product manufacturing showed improvement in February, risingby 0.9% following a 1.2% decline in January.
Capacity utilization in plastic materials and resin manufacturing droppedto 76.8% in January, while the Producer Price Index for plastics material and resin manufacturing roseby 3.6% in February.
Shipments of plastics and rubber products pulled back in January to $24.9 billion, following December's $25.1 billion shipment, while manufacturer's inventory-to-shipment ratio continued its decline, settling at 1.3 in January 2024 from its peak of 1.4 in April 2023.
U.S. exports of molds for plastics roseby 13.6% in January but fell by 27.4% compared to the previous year. Imports increasedby 34.8% monthly and by 12.3% yearly.
Plastics materials, resin, and plastics products imported by vessel through the port of Baltimore accounted for 1.7% of the total U.S. imports by sea freight in 2023. Meanwhile, exports by vessel from the port of Baltimore constituted 0.5%.
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