Many of us are concerned about the economy. What is up with inflation? What will the Fed do to interest rates to control inflation? Will we have a soft landing or a hard landing as we come out of the unprecedented economic challenges of the last three years? Are we headed for a recession? If so, how long will it last, and how bad will it be?
Among all the worries and concern, here is a bit of good news: a report released by the American Chemistry Council (ACC) in December 2022 found that the chemical industry had one of its best years in a decade, and the United States expanded its dominant position as a leading producer of chemical products. And while the report predicts a slowdown in chemical production for 2023, it expects demand to pick up in the following years. The study also reports that the U.S. chemical industry will continue to have a competitive advantage due, in part, to U.S. domestic energy production.