Quarterly growth numbers released by the government are annualized rates. They take the percent change for the quarter and annualize it by either multiplying by four or taking it to the fourth power, e.g., 1.0028 to the fourth power.
What would the consumer spending impact be if 15 million illegal households didn’t file returns for their EIC for the first time in 10+ years? ~5K/family not available for spending?