U.S. GDP Expands at Strong 6.6% Rate in Second Quarter

U.S. gross domestic product (GDP) grew by an estimated 6.6% in the second quarter of 2021, slightly faster than the 6.5% annual rate previously forecast, marking the fourth consecutive quarter of growth for the U.S. economy since the pandemic downturn, according to the Bureau of Economic Analysis (BEA).

The second estimate was adjusted higher thanks to upward revisions to personal consumption expenditures, nonresidential fixed investment, exports, and state and local government spending. Those were partially offset by decreases in private inventory investment, residential fixed investment and federal government spending, the BEA said.

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

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