Indicator Falls

The leading indicator for the chemical industry fell 0.5% in July, following two months of fairly strong gains. Chemical output fell at an annualized rate of 1.1% in the second quarter and 2.4% in the first quarter. Output is down in metals, building materials, and paper, while petroleum refining, plastics, and rubber production have posted slight gains. Analysts attribute gains in the indicator during May and June to inflation and stock market strength. In manufacturing as a whole, production fell at an annualized rate of 3.5% in the second quarter. That...

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