REVISED GROSS DOMESTIC PRODUCT; APRIL DURABLE GOODS

Major New Recession Continues to Unfold, With a Deepening,
Broad Economic Contraction Evident in Key Economic Series,
Along With Mounting Concerns on Wall Street and at the Federal Reserve

Look for Renewed FOMC Easing by September 2019

Real Annualized First-Quarter Gross Domestic Product (GDP) Growth
Revised Lower to 3.07% from 3.17%, Against an Unrevised Fourth-Quarter 2.17%

Massive Downside Revisions to Gross Domestic Income (GDI), Which Is the
Theoretical Income-Side Equivalent of the Consumption-Side GDP,
Highlighted Unstable Reporting in the National Income Accounts

Fourth-Quarter 2018 Annualized Real GDI Growth of 1.66% Revised to 0.52%;
Initial First-Quarter 2019 Growth of Just 1.43% Was Only 0.30% Net of Revisions

First-Quarter GDP Remained Heavily Bloated, Distorted by
Government Shutdown Disruptions to Data Gathering and Reporting

Broader and Similarly Distorted First-Quarter Gross National Product (GNP),
GDP Plus the Trade Balance in Factor Income (Interest and Dividend Payments),
Came in at an Initial 2.66%, versus an Unrevised Fourth-Quarter 2.12%

April Durable Goods Orders Declined Month-to-Month and Year-to-Year,
Real Orders Ex-Commercial Aircraft on Track for Third Quarterly Contraction

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