Global headwinds hinder US
There is plenty of reason for optimism in the United States as its economy is making progress, underpinned by sound job creation, low inflation and healthy consumer sentiment. However, it is not immune from the wider global forces, and weak oil prices will impact cement consumption growth. In this market update, the PCA presents its revised forecast for the period up to 2020. By Ed Sullivan, Portland Cement Association, USA.
The current economic fundamentals in North America are solid. Despite the volatility in US economic growth over the past few years, the labour market has consistently expanded at a rate near 200,000 net new jobs per month. The unemployment rate has dipped below five per cent. Job growth has enabled the economy to rebalance itself after a long and deep recession. Consumer debt burdens as a share of household income, for example, are as low as they have been in decades.