ACC’s Economic Chief Expects Severe, Prolonged Recession

The recession is likely to last until as late as August and be followed by only a “tepid” recovery, Kevin Swift, ACC’s chief economist told attendees at a Chemical Marketing & Economics Group (CM&E) luncheon, held yesterday in New York. If this scenario holds true, this recession would be the longest economic downturn since the Great Depression, and result in 9% unemployment and a 3.8% decline in industrial output, Swift says. The vast majority of the industry’s end-use markets will experience an “accelerating decline”...

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