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The US economy, now under a wide-ranging shutdown due to the novel coronavirus, is likely to shrink 4% this year And US chemical manufacturing will decline by a similar amount, according to a forecast from the American Chemistry Council, the industry’s main trade group In response, the ACC says, chemical firms will cut jobs and hold off on business investment The council estimates that US chemical output will fall by around 3 3% in 2020 if shutdowns are lifted before the end of June, but output could drop by 6 5% if shutdowns last through the fourth quarter The figures do not include pharmaceuticals In December, the association had projected output to rise slightly this year The decline is due not only to public health–motivated shutdowns in the US, but also to unprecedented moves by other governments to restrict the activities of business and consumers “The resulting sudden and severe collapse in
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