Abstract
A slowing economy and recalcitrant industrial product pricing reined in the chemical industry's earnings surge in the third quarter of 1984. Composite earnings of the 30 largest U.S. chemical producers increased 16%—not an insubstantial gain—but far less than the great leaps of the previous four consecutive business quarters. Another sign that the expansion has lost some steam was a great diversity of performance. Most companies' earnings rose, but at seven of the 30 firms, profits actually declined compared to the yearearlier quarter. In the April-to-june 1984 period, by contrast, every company recorded an increase in net income—in most cases, a large one. This mixed and diminished performance by the chemical industry reflects many developments: the falloff in housing starts, the strength of the dollar overseas, increased import competition, and the regular seasonal slowdown. Also, thirdquarter 1983 was the first major recovery quarter for chemical companies following the end of the last recession. So th...
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