GDP Is Down 1% — Not 3.8%

Cato's Alan Reynolds explains why here.

Interestingly, the OECD (and most European countries I think) does NOT annualize quarterly GDP growth rates, and reports only the quarterly, non-annualized rate. For example, the OECD reports here that US real GDP growth in QII 2008 at .70%, and not 2.8% (the way it gets reported here, annualized).