Worst U.S. Economic Activity Ever Reported

April Retail Sales Fell the Most in Its 73-Year Reporting History

Production and Manufacturing Tumbled the Most in Their 101-Year History

Increasing New Claims for Unemployment Insurance and Insured Unemployed
Confirm the Economy Fell Further in May, Albeit Likely at a Moderating Pace

Second-Quarter 2020 Real Annualized GDP Contraction of
About 50% (-50%) Will Surpass Anything Ever Seen

If There Are Meaningful Efforts to Reopen the Economy,
Third Quarter Activity Could Move Off Bottom in a
Nascent L- or Shallow U-Shaped Recovery

Benchmark Revisions to New Orders for Durable Goods Confirmed
Major Downside Revisions Loom for Pre-Pandemic GDP Reporting

U.S. Economy Already Was in Trouble Before the Pandemic,
Because of Intensifying Federal Reserve Policy Malfeasance and
Federal Government Fiscal Malpractice