The PERC Report includes monthly highlights on the most recent economic and plastics industry data along with recent activities, articles, and blogs which you may have missed.
The International Monetary Fund now expects global output to increase by 3.0% in 2023 and 2024. Its forecast of U.S. economic growth is revised upward to 1.8% in 2023.
The U.S. economy grew 2.4% in Q2 2023 on a seasonally adjusted annual rate – beating most forecasts. Personal consumption expenditure slowed to 1.6% from 4.2% in Q1.
As expected, the Fed’s raised interest rates by another 25 basis points to a 5.25% - 5.50% target rate at the FOMC meeting on July 26th. Additional rate hike is not off the table.
Manufacturers’ shipments of durable goods rose 0.2% in June from May, on a seasonally adjusted basis, while shipments of nondurable goods were unchanged. From a year earlier, durable goods shipments rose 3.8% while nondurable goods fell 8.1%.
Consumer loans—credit cards and other revolving plans—at all commercial banks increased by $6.45billion to $992.6 billion in June.
Retail sales managed a meager increase of a 0.2% increase monthly and a 0.5% increase year-on-year in June.
The Industrial Production Index for plastics product manufacturing decreased by 0.8% in June following three consecutive months of increase.
The latest data shows that work in process inventories for plastics and rubber products manufacturers increased by 1.0% in May, following a 1.5% increase in April.
The number of employees in plastics packaging materials and unlaminated film and sheet manufacturing was estimated at 100,300 in May – slightly higher than the estimated 99,900 in April.
Capacity utilization in plastics and rubber products manufacturing fell to 77.3% in June from 83.4% in June of last year.
The value of U.S. exports of plastics machinery and equipment fell by 7.2% in May to $62.5 million following a 4.9% increase in April.
The latest data shows the value of materials and supplies inventories for plastics and rubber products manufacturers fell by $77.0 million in May – following two consecutive months of decline.
.png?upscale=true&width=1160&upscale=true&name=MicrosoftTeams-image%20(45).png)
