ACC Third-Quarter Outlook: 'Recovery Has Waned'

"The recovery has waned," ACC notes in the group's third-quarter outlook, revising its projection for 2010 U.S. chemicals output downward, to 6.1% from 6.8%. The group's U.S. GDP growth forecast was also revised downward, to 2.7% from 3.8%. The forecast is "a far cry from growth rates typical at this point in a recovery," says ACC chief economist Kevin Swift. "Nearly three years after the recession began, GDP remains below its past peak," Swift adds. The outlook for emerging economies is more robust. Global chemicals output is...

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