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...
- Initial ABS prices for July see larger increases than PS in Europe
- Supply constraints spark stronger PE trend than PP in global markets
- ABS, PS uptrend falters in China after H1 2020 ends at multi-month highs
- Stats: China’s total PP imports spike in May; Vietnam and India’s rising shares shine out
- Tight supply drives HDPE, LLDPE gains in Southeast Asia
- European PE markets set for 2nd bullish month on rising costs
- Turkey’s PP and PE markets propelled to a firm start to H2 despite vulnerable conditions
- Asian PVC sees V-shaped recovery in Q2, what will Q3 bring?
- Will capacity additions cast cloud on ethylene upsurge in Asia?
- US PVC offers in Egypt rise steadily but resistance grows in tandem