US Economy Shrank -0.6% in Q2, Final Review Confirms

The US economy declined at a revised -0.6% in the second quarter of 2022, matching the most recent GDP estimate and confirming the economy shrank in the first six months of the year, according to the second estimate from the US Commerce Department’s Bureau of Economic Analysis (BEA).

Gross domestic production (GDP) in Q2 contracted at a more moderate pace than initially thought, but the economy’s official scorecard shows it was in contraction for the entire first half of the year as businesses readjusted to pandemic-era supply chain disruptions.

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.