US GDP Improved Moderately, Contracting -0.6% in Q2

The US economy shrank at a revised -0.6% in the second quarter of 2022, declining for the second straight quarter.

Gross domestic production in Q2 contracted at a more moderate pace than initially though, according to the second estimate from the US Commerce Department’s Bureau of Economic Analysis (BEA). The result was a slight improvement from the -0.9% annualized pace in its advanced estimate a month earlier. It stemmed from better data on consumer spending.

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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