Some Hit Likely to Historical GDP Growth in Pending Revisions

5.0% Jump in May Housing Starts Was Not Statistically Significant, but the
4.6% (-4.6%) Drop in the Leading Building-Permits Series Was

May Existing-Home Sales Tumbled Again, On Top of Downside Revisions to April,
Down by 0.4% (-0.4%) Month-to-Month, 3.0% (-3.0%) Year-to-Year and
Shy of Recovering Its Pre-Recession Peak by 25.3% (-25.3%)

May New-Home Sales Gain of 6.7% Was in the Context of Usual Nonsense-Volatility,
Still Shy of Recovering Its Pre-Recession High by 50.4% (-50.4%)

May Manufacturing Took a Heavy Hit, Even Allowing for Major Supply Disruptions,
Still Shy by 6.0% (-6.0%) of Recovering Its Pre-Recession High,
Faltering in a Record 125 Months of Economic Non-Expansion

Real Retail Sales Were Strong in May, Thanks to a Post-Benchmarking Return to
Underlying Positive Assumptions and to Lack of Inflation-Adjustment Consistency

Declining Consumer Goods Production, Declining Goods Consumption and
Intensifying Liquidity Stresses Put the Lie to “Booming” Real Retail Sales

May Freight Index Rose to a Post-Recession High, With Strong Annual Growth,
Albeit Off Peak, with Activity Still Shy by 5.7% (-5.7%) of a Full Recovery