Yes, Chairman Powell, There Really Is a Recession, and It Is Getting Worse

It Is Felt and Seen Increasingly on Main Street U.S.A., Which
Never Recovered Fully from the 2008 Banking Collapse and Great Recession

Real Average Weekly Earnings for all Employees Are on Track for a
Second Consecutive Quarterly Decline in Third-Quarter 2019

July Freight Index Generated a Formal Economic-Contraction Signal

Third-Quarter 2019 Industrial Production Is On Track for Its
Third Consecutive Quarterly Decline, On Top of Downside Revisions to
First- and Second-Quarter 2019 Contractions

July Real Retail Sales Gained 0.4% in the Month, 1.6% Year-to-Year,
Yet, Real Annual Growth Below 2.0% Rarely Is Seen Outside of Recessions

At the Same Time, Retail Sales of Automobiles Turned Down Anew,
On Top of Downside Revisions

In Second-Quarter 2019, Nominal Construction Spending Fell Into
Annual Decline for the First Time Since the Onset of the Great Recession

Implications Are for a Downside Revision to Second-Quarter GDP

Expanded FOMC Accommodation, Likely Will Include
Renewed Quantitative Easing

Unusually Volatile and Dangerous Financial Markets Remain in Play