ACC's Economic Outlook for the Week Ended July 22, 2011

MACROECONOMIC STATUS Our running tab of positive indicators was steady at 13 out of 20 this week. We remain concerned, however, and will continue to post a yellow banner. Building Permits up 2.5%; up 6.7% Y/Y Housing Starts up 14.6%; up 16.7% Y/Y Existing Home Sales down 0.8%; down 8.8% Y/Y LEI up 0.3%; up 6.0% Y/Y Philly Fed Survey up 9.9 points to +3.2 BUSINESS OF CHEMISTRY STATUS For the business of chemistry, the indicators bring to mind a yellow banner for basic and specialty chemicals. Oil up $98.93 (Thursday) Natural Gas up $4.56 (Thursday) Railcar...

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