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 U.S. economy expanded by 2.5% in 2023, marginally higher than the 2.4% GDP projected in the recent PLASTICS Quarterly.
As projected in PLASTICS Quarterly, personal consumption expenditures increased 2.2% last year.
Unemployment in 2023 and headline inflation, at 3.6% and 4.1%, respectively, were on point as expected in the recent PLASTICS Quarterly.
It is unlikely for the Fed to cut interest rates at its January 30-31, 2024, Federal Open Market Committee meeting.
Private investment spending on industrial equipment in the economy decreased by 0.1% in 2023. Overall industrial production remained flat in the final quarter of 2023, while industrial production for aerospace products and parts continued to increase for ten consecutive months, starting in March 2023.
The Producer Price Index for plastics bottle manufacturing witnessed a 0.4% uptick in December, following a 0.3% uptick in November, but was 4.0% lower than December a year earlier.
Recent data from the U.S. International Trade Commission shows resin exports totaling $36.3 billion, year-to-date ending November, while imports totaled $16.0 billion – resulting in a $20.3 billion trade surplus.
While plastics and rubber products manufacturing lost an estimated 1,300 jobs in December, the unemployment rate fell to 2.2% from 3.0% in November – lower than the economy’s total manufacturing unemployment rate of 3.0%.
Work-in-process inventories for plastics and rubber products manufacturers increased by 1.4% in October and decreased by 0.1% in November. The likelihood that work-in-process inventories increased significantly in December is low.
While capacity utilization rate in plastics and rubber products manufacturing saw a 0.4 percentage point uptick to 76.5% in December. The utilization rate has remained under 80.0% for thirteen consecutive months starting in December 2022.
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