ACC's Economic Outlook for the Week Ended Jan. 20, 2012

MACROECONOMIC STATUS Our running tab of positive indicators rose by 1 to 17 out of 20 this week. Thus, we continue to post a green banner. Existing Home Sales up 5.0%; up 3.6% Y/Y Housing Starts down 4.1%; down 24.9% Y/Y Building Permits down 0.1%; up 7.8% Y/Y Consumer Prices –flat-; up 3.0% Y/Y Producer Prices down 0.1%; up 4.8% Y/Y Industrial Production up 0.4%; up 2.9% Y/Y Capacity Utilization up 0.3 points to 78.1% Empire State Survey up 5.3 points to 13.5 (expanding) Philadelphia Fed Survey up 0.5 points to 7.3 (expanding) BUSINESS OF CHEMISTRY STATUS...

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