Mid-Winter Slump

The leading indicator for the chemical industry was up slightly in January, its third consecutive monthly gain. Several of the indicator’s components were up in January, including petroleum refining, new orders for nondurables, consumer durables, construction materials, and the average chemical industry stock. Manufacturing activity declined 0.7% in January, which at an annualized rate equals a drop of about 9%. A decline in the production of motor vehicles and parts was the primary culprit, analysts say. Chemicals registered a 0.7% drop in output in...

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