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The leading indicator for the chemical industry fell 3.9% in December, its fourth consecutive monthly drop, reflecting weaknesses in all of its major components. Overall chemical output plunged 3.6% in December, almost 9% below year-ago levels. The average stock price for the chemical industry fell for the third consecutive month. Chemical process industries posted a modest output gain, however, due mostly to a return to “more normal production levels” in petroleum refining, analysts say. New orders fell 5.1% in October, due in part to...

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