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The US could be veering towards another recession

August 08/2011

(ICIS) -- The US could be veering towards another recession, petrochemical market participants said on Friday, as a massive sell-off in chemical stocks became the latest sign of a slowdown.
The Dow Jones Industrial Average fell by 513 points on Thursday, its worst day since the 680 drop in December 2008. Chemical stocks were hit particularly hard during Thursday's sell-off, with several falling by more than 7%.


The decline was the latest in a series of bad news, which overshadowed what has largely been a strong earnings season for North American chemical companies.


In July, a statistic that measures the growth of the US manufacturing sector fell to its lowest point since the end of the recession. Manufacturing activity barely grew in July, according to that statistic, the purchasing managers index (PMI) of the Institute for Supply Management (ISM).


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