No. 824: July Labor Conditions and M3, June Trade Deficit and Construction Spending
Just a Week into Headline 1.2% Second-Quarter GDP Growth,
New Trade and Construction Spending Details Promise a Downside Revision
Trade Deficit Widened and Deepened in Revision, Worst Since 2007
With Quarterly and Annual Growth Collapsing Anew,
Real Construction Spending Growth Was Weakest Since 2011 Series Trough
Ten Years after its June 2006 Pre-Recession Peak, Real Construction Spending
Remained Down 26% (-26%) from Recovering that Benchmark Level
Month-to-Month Unemployment Data Remained Meaningless and Nonsensical,
Heavily Skewed by Inconsistent and Not-Comparable Seasonal Adjustments
Though Heavily Bloated by Seasonal-Factor Distortions and Add-Factors,
Annual Payroll Growth Effectively Held at a 29-Month Low
July 2016 Unemployment: U.3 Held at 4.9%, U.6 Notched Higher to 9.7%
and the ShadowStats-Alternate Rate Rose to 23.0%
Annual M3 Growth Eased to 4.1% in July 2016, from 4.5% in June,
While the Monetary Base Firmed Slightly