The Chemical Activity Barometer (CAB), an economic indicator created by the American Chemistry Council (ACC), expanded 0.4% in August, following an upward revision for July. This marks the barometer’s sixth consecutive monthly gain. Accounting for adjustments, the CAB is up 3.2% over this time last year, reportedly the strongest year over year growth since January 2015. All data is measured on a three-month moving average (3MMA). On an unadjusted basis the CAB climbed 0.3% in August, following a 0.6% jump in July.

“The CAB is signaling higher, and possibly accelerating, U.S. business activity into 2017,” said Kevin Swift, chief economist. “The services sectors have begun to improve and likely accelerated during recent months, and manufacturing appears to be gathering momentum.”