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Chem trade group puts chance of US recession at one in three

August 10/2011

(ICIS) -- The American Chemistry Council (ACC) increased the chance of the US slipping back into a recession to one in three, up from one in four in July, the chemical trade group said on Tuesday.
Softness in the manufacturing industry, the weakening of export markets and the Purchasing Managers Index growing at a slower rate are all signs that a recession may be on the horizon, said ACC economist Martha Moore.

Regardless, Moore said the ACCs forecast for the chemicals industry is for continued growth, albeit at a slower pace. The countrys ethane advantage because of the shale gas revolution will continue to be a positive for the industry, Moore said. Unlike much of the world, the US uses ethane instead of naphtha as a feedstock.

Meanwhile, the US Federal Reserve Board on Tuesday announced it would keep interest rates at historic lows for at least two years in order to boost consumer and market confidence in the wake of economic uncertainty.

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