Bureau of Economic Analysis (BEA) estimates released on October 29, 2020 showed US real GDP growing at an annualized rate of 33.1% in the third quarter of 2020 (Q3 2020), after falling by an annualized 31.4% in the second quarter (Q2 2020) and by an annualized 5.0% in the first quarter (Q1 2020). A business news channel personality argued on his show that, since 33.1 is greater than 31.4, this means that the US economy grew more in Q3 than it shrank in Q2, hence recovering in Q3 all the ground lost in Q2. Compute the actual quarter-on-quarter growth rates for Q1 2020, for Q2 2020 and for Q3 2020. Show your work. Was the news anchor right? Did the rate of growth in Q3 2020 exceed the rate of decline in Q2 2020?