BEA: Economic Growth Slows in Q3 to Just 2.1%

U.S. gross domestic product (GDP) grew at a modest 2.1% annual rate in the third quarter, the slowest pace in more than a year, according to the Bureau of Economic Analysis (BEA). U.S. third-quarter economic growth was slowed by the Delta variant’s disruptions to consumer spending and global supply chains.

The second review by the BEA was slightly better than its first estimate, but the revision was still well below the solid GDP gains of 6.3% in the first quarter and 6.7% in the second. The small increase from the initial GDP estimate reflected a slightly better performance for consumer spending, which grew at a still lackluster 1.7% rate in Q3, compared to a 12% surge in the April-June quarter. The contribution to GDP from business inventory restocking was also revised up.

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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