Also US GDP was down at an annualised rate of 3.8% for the last quarter, not 3.3%. This is generally expected to be revised downwards over the coming months.
The fact that it was not lower was because inventory levels get included in the GDP calculation. The reality was that companies were still producing goods, but nobody was buying them and they were just mounting up, although this is still considered production. The figure accounting for inventories would probably be closer to 5%.
