Some Republican tried to post a thread that it did but it got closed. Turns out that 33% number is misleading.
Today's advanced third quarter GDP estimates from the Bureau of Economic Analysis are being reported as showing 33 percent economic growth. This figure is highly misleading, both because it is an annualized number describing a one-time partial recovery and because it is measured off of a deflated base. In reality, GDP grew by 7.4 percent between the second and third quarters, recovering about two-thirds of the GDP loss since the end of 2019.
When a severe one-time contraction was reported for the second quarter of 2020, we warned against using the annualized number, which would have suggested the economy was on course to shrink by one-third. It would be similarly misleading to suggest the economy is now on course to grow by a third. The non-annualized 7.4 percent is far more appropriate.
GDP Did Not Just Increase 33% | Committee for a Responsible Federal Budget
2020-10-29-Today's advanced third quarter GDP estimates from the Bureau of Economic Analysis are being reported as showing 33 percent economic growth.
www.crfb.org
Today's advanced third quarter GDP estimates from the Bureau of Economic Analysis are being reported as showing 33 percent economic growth. This figure is highly misleading, both because it is an annualized number describing a one-time partial recovery and because it is measured off of a deflated base. In reality, GDP grew by 7.4 percent between the second and third quarters, recovering about two-thirds of the GDP loss since the end of 2019.
When a severe one-time contraction was reported for the second quarter of 2020, we warned against using the annualized number, which would have suggested the economy was on course to shrink by one-third. It would be similarly misleading to suggest the economy is now on course to grow by a third. The non-annualized 7.4 percent is far more appropriate.