Fourth-Quarter GDP Surprises at 6.9% Growth

U.S. gross domestic product (GDP) expanded at a much better than expected pace to close out 2021. At an annual 6.9% rate in the fourth quarter, growth was driven by sizeable boosts in inventories and consumer spending, according to the Bureau of Economic Analysis (BEA) advanced estimate.

Despite signs that the acceleration may have tailed off toward the end of the year, the increase was well above the 2.3% growth in the third quarter, and above estimated gains of 5.5% from market experts. The growth was exceptional given it came despite a surge in Omicron cases that slowed hiring and business output.

David Schollaert

David Schollaert is a senior analyst 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. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.

David Schollaert

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