WASHINGTON, Sept. 22, 2022 (PRNewswire) — The U.S. Chemical Production Regional Index (U.S. CPRI) was flat in August following a 0.2% gain in July and a 0.1% decline in June, according to the American Chemistry Council (ACC). Chemical output was higher in all regions except the Gulf Coast. The U.S. CPRI is measured as a three-month moving average (3MMA).
On a 3MMA basis, chemical production within segments was mixed in August. There were gains in the production of coatings, adhesives, other specialty chemicals, consumer products, manufactured fibers, synthetic dyes and pigments, and industrial gases. These gains were offset by lower production of plastic resins, inorganic chemicals, organic chemicals, synthetic rubber, crop protection chemicals and fertilizers.
As nearly all manufactured goods are produced using chemistry in some form, manufacturing activity is an important indicator for chemical demand. Manufacturing output edged higher by 0.1% August (3MMA). The 3MMA trend in manufacturing production was mixed, with gains in the output of apparel, aerospace, rubber products, oil and gas extraction, plastic products, semiconductors, computers & electronics, petroleum refineries, foundries, and motor vehicles.
Compared with August 2021, U.S. chemical production was ahead by 1.3%, a faster rate of growth than last month. Chemical production was higher than a year ago in all regions except the Gulf Coast, which was 1.5% lower.
The U.S. CPRI was developed to track chemical production activity in seven regions of the United States. The U.S. CPRI is based on information from the Federal Reserve, and as such, includes monthly revisions as published by the Federal Reserve. The U.S. CPRI includes the most recent Federal Reserve benchmark revision released on August 28, 2022. To smooth month-to-month fluctuations, the U.S. CPRI is measured using a three-month moving average. The reading in August reflects production activity during June, July, and August.
