Economy Stagnates

The leading indicator for the chemical industry fell 1.9% in April, following a rise in March. The overall industrial sector also declined. Output in manufacturing fell at an annualized rate of 0.5% in the first quarter, after dropping 0.6% in fourth-quarter 2007. Production of durable goods dropped 0.5% in the first quarter, due to weakness in the automotive sector. Nondurables shrank by 0.1%, despite growth of 0.9% in the chemical sector and an 8.1% advance in output of petroleum products. Chemical production expanded only 1.3% in 2007, and output so far this...

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