Bullet Edition No. 11
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