Recession Signal Intensified from Sinking Annual Growth in Payrolls,
Despite Upside Benchmark Revisions to Payroll Levels

Population Re-Estimation Added 488,000 Working-Age People

January 2018 Unemployment Rates Notched Higher Month-to-Month:
U.3 Firmed to 4.15% from 4.07%, U.6 Rose to 8.19% from 8.08%, and the
ShadowStats-Alternate Rose to 21.8% from 21.7%

Private Surveying of January Labor Conditions Showed Flat Activity with
Annual Contraction/No Growth and Ongoing Non-Expansion

December Monthly Gain in Real Construction Spending
Contracted Net of Downside Revisions

Annual Growth in Real Construction Spending Declined for Seventh Straight Month, an
Intensifying Recession Signal Last Seen During the 2006 Housing Collapse

Real Spending Is Shy of Recovering Its Pre-Recession Peak by 21.4% (-21.4%)

Amidst Annual Benchmark Revisions by the Fed,
January 2018 M3 Annual Growth Eased Back to 4.5%, with
Monetary-Base Annual Growth Softening to 4.9%