U.S. GDP Expands at Strong 7% Rate in Q4

U.S. gross domestic product (GDP) expanded at a 7% annualized rate in the fourth quarter as businesses stepped up their restocking of supplies, according to the Bureau of Economic Analysis (BEA) advanced estimate.

This second review and upward revision to fourth-quarter GDP growth by the BEA reflected more business spending on nonresidential structures and investment in homebuilding than initially thought. There were also modest upgrades to state and local government spending that were partly offset by downward revisions to personal consumption expenditures and exports.

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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