time to kill the annualized thing
no, GDP didn't go down the equivalent of 33% annually- more like 9.5% (and 11% if you add in the Q1 losses). Still depression level numbers.
I suppose it is because it is almost always positive and "3% on an annualized basis sounds a lot sexier than .75% quarterly.
Still, like the headline unemployment numbers it is deeply misleading. In this case in the other direction.