Downward Spiral

The leading indicator for the chemical industry fell by more than 5% in January, its fifth consecutive monthly decline. All components of the indicator dropped in the most recent calculation. Production in the chemical process industries fell 3.4% in January, after falling at an annualized rate of 13.5% in the fourth quarter 2008. There were production declines in all five segments­—building materials, nonferrous metals, paper, petroleum refining, and rubber and plastics. Orders have dropped for four consecutive months and are now 16.9% below their...

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