The PER 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.
U.S. GDP expanded 1.3% in Q1-2023, showing resilience despite recession risks.
Inflation, measured by year-over-year change in Personal Consumption Expenditure Index (the Federal Reserve's preferred measure, especially core PCE), rose to 4.4% in April, up from 4.2% in March. Core PCE also increased from 4.6% to 4.7% during the same period.
Motor vehicle assemblies reached 11.4 million units in April, the highest since July 2020.
A low unemployment rate of 3.4% is unsustainable and expected to increase due to bankruptcies.
Business bankruptcies, including in plastics end markets (health care, industrials, consumer goods), totaled 4,063 in Q1-2023, which was 998 above the first quarter of last year.
Manufacturing activity was up 1.0% in April, but down 0.9% year over year.
The unemployment rate in plastics and rubber products manufacturing of 0.1% in April is unsustainable and can only increase.
Average weekly earnings of all employees in plastics product manufacturing increased by 5.6% from March last year.
The Producer Price Index for plastics packaging film and sheet manufacturing decreased by 4.1% in April from a year earlier.
The value of manufacturer’s shipments of plastics and rubber products continued its decline for the fourth consecutive month in March to $24.6 billion.
Plastics and rubber products manufacturer’s finished goods inventories increased 2.3% to $15.3 million in March.
U.S. resin exports in the first quarter totaled $10.4 billion, imports totaled $4.6 billion, resulting in a trade surplus of $5.8 billion.
