U.S. GDP Declines in 2020 Despite Recovery in Q3 and Q4

U.S. gross domestic product (GDP) finished 2020 with annualized growth of 4.3% in the fourth quarter, a slight upward adjustment based on the third estimate from the Bureau of Economic Analysis (BEA). The third estimate included upward revisions to private inventory investment that was partly offset by a downward revision to nonresidential fixed investment.

An annualized GDP growth of 4.3% in Q4 is rather remarkable considering what transpired in 2020. Following the sharpest decline in U.S. history in Q2, GDP fell by a negative 31.4% during the height of the global pandemic, but bounced back strong with the highest jump ever recorded at 33.4% in Q3. Still, for full-year 2020, real GDP declined by 3.4% versus 2019, the worst year for the economy since 1946.

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

Drilling activity eases in the US, moves higher in Canada

SMU Survey: Current Buyers’ Sentiment Index declines, Future Sentiment flat

SMU flat-rolled market survey results now available

Chicago Business Barometer back to growth in September

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