Encouraging Progress in Fourth-Quarter GDP

U.S. gross domestic product (GDP) closed out 2020 on an encouraging note with annualized growth of 4.1%, based on the second estimate from the Bureau of Economic Analysis (BEA). The second estimate included upward revisions to residential fixed investment, private inventory investment, and state and local government spending, partly offset by a downward revision to personal consumption expenditures.

To put Q4 GDP in perspective, the U.S. saw the sharpest decline in history in Q2 at negative 31.4% as much of the country shut down to stymie the deadly spread of COVID-19. That was followed by a vigorous 33.4% rebound in Q3, the highest jump ever recorded, as the government intervened to stimulate the economy.

David Schollaert

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

David Schollaert

Latest in Market Data

Chicago Business Barometer back to growth in September

SMU Survey: Mill lead times stretch further, plate reaches record high

ISM: US manufacturing growth eases marginally in September

AISI: US production recovers as seesaw trend continues

Drilling activity increases in US and Canada