Did the US economy just shrink 32.9%? No. Annualized rates are making a disaster seem even worse.
According to the headline in The Guardian, the U.S. economy just shrank 32.9%. USA Today agreed, saying “the second quarter Gross Domestic Product just plunged a record 32.9% from the previous quarter.” Both of these statements are wrong. As correctly reported in the New York Times, the economy — or more accurately, the GDP estimate…