“All of these things combined are definitely not helping the domestic plastics industry,” Economics Editor Bill Wood said in the September Numbers that Matter Live. “The U.S. plastics industry is clearly in recession. It's contracting and at a fairly aggressive pace, year over year.”
Wood said plastics has seen negative growth for three quarters now.
“So, you know, that [Fed Chairman] Jay Powell and crew are congratulating themselves for not putting the all of America in a recession. In fact, the last time he spoke, he mentioned that they underestimated how robust and resilient the recovery and the growth in the economy is. And I don't think he's talked anybody that makes stuff out of plastic.”
Wood also talked about the UAW strike, labor issues and the impact of a potential government shutdown on the impact on plastics markets. He predicted that “we’re in for some short-term pain,” but added that he still has a positive longer-term outlook for plastics and its end markets.