US GDP growth accelerates in Q2
The expansion was mainly attributed to stronger consumer spending as well as a strengthening labor market. Private domestic demand-excluding trade, inventories and government expenditures- rose 2.5% in the April-June period. Consumer spending, meanwhile, increased by 2.9% in the second quarter. However, the energy sector kept weighing down on growth due to a more than 60% plunge in crude oil prices since last year.
Exports, meanwhile, recovered in the second quarter despite a stronger dollar, while imports rose moderately. Analysts commented that stronger second quarter performance in the US economy could encourage the Federal Reserve to raise interest rates later this year.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Asian ABS players turn cautious after recent rally
- July PVC dealt lower in Europe, what lies ahead for August?
- China’s Jan-May total polymer imports hit a record of nearly two decades
- India’s local PVC market soars to 6-month high after customs hike
- China’s export PET market faces correction after rising 10% from two-year-low
- Spot propylene moves in opposite directions in Asia and Europe
- European PS hits year-to-date low on July drops
- Turkey’s PP market on par with China, LLDPE and HDPE trade at discount
- Bearish trend persists in July for PP, PE in Mid-East, Africa
- Vietnam’s PE market sees first hike attempts after two months