March 2022’s economic trends are unlike anything America has witnessed before. The number of unemployed individuals rose to 227,000, while employers are desperate to fill 4,273,000 available jobs. The U.S. trade deficit expanded to $89.7 billion as exports declined and imports increased by 2%. Oil prices surged as the U.S. and NATO-allied nations came together to ban Russian imports in a swift response to the Ukraine invasion. The wholesale chemical market saw increases in inventories by 3%, with chemical exports increasing by 2%. The American Chemistry Council published an in-depth article on these trends with detailed visual representations.
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