The Plastics Industry Association (PLASTICS) has released an official analysis addressing the goods and services consumption gap, authored by PLASTICS Chief Economist, Dr. Perc Pineda.
Dr. Pineda writes, “The improved consumer sentiment, reflected in the University of Michigan’s Index of Consumer Sentiment, having registered 72.6 in July compared to 51.5 in the same month the prior year, can be attributed to reduced inflationary pressures and a robust labor market. The sustained rise in Personal Consumption Expenditures (PCE) directed towards services can be tied to consumers’ increased engagement with the services sector of the economy, while their emphasis on the goods sector seems to have diminished. This shift in consumer preferences contributed to the downturn observed in the manufacturing sector.”
Click here to read the full analysis on the PLASTICS blog page.
The Plastics Industry Association (PLASTICS) is the only organization that supports the entire plastics supply chain, including Equipment Suppliers, Material Suppliers, Processors and Recyclers, representing over one million workers in our $468 billion U.S. industry. PLASTICS advances the priorities of our members who are dedicated to investing in technologies that improve capabilities and advances in recycling and sustainability and providing essential products that allow for the protection and safety of our lives. Since 1937, PLASTICS has been working to make its members, and the sixth largest U.S. manufacturing industry, more globally competitive while supporting circularity through educational initiatives, industry-leading insights and events, convening opportunities and policy advocacy, including the largest plastics trade show in the Americas, NPE2024: The Plastics Show