Economy
July 29, 2022
Written by David Schollaert
The US economy contracted in the second quarter of 2022, declining for the second straight quarter. Some economists consider two consecutive quarters of negative GDP to be the definition of a recession.
Gross domestic production in Q2 declined at -0.09% annualized pace, according to advanced estimate from the US Commerce Department’s Bureau of Economic Analysis (BEA).
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To kick off the official sessions of the 2023 Steel Summit, Dr. Anirban Basu, chairman and CEO of the Sage Policy Group, focused on the broader context in which steel prices are set, outlining major factors currently shaping economic outcomes in our country.
Mexico has decided to implement import tariffs on a number of products, among them, steel.
As mortgage rates continue to rise and housing demand slows, builder confidence is waning. A drop in July housing starts was the first in seven months.
Economic activity in the US manufacturing sector contracted for the ninth month in a row in July, according to the latest report on business from the Institute for Supply Management (ISM).