August Sales and Production Showed an Intensifying, Renewed Downturn

Before Inflation Adjustment, August Retail Sales Declined in
All Major Sectors, with Sharply Slowing Annual Growth

Nominal Sales Decline Would Have Been Twice as Deep but for
Boosts from Seasonal-Adjustment Inconsistencies and Distortions

Although August Production Suffered Major Monthly and Annual Hits,
Oil and Gas Exploration and Extraction May Have Stopped Hemorrhaging

With Industrial Production Representing 65% of GDP,
Production and Manufacturing Were Down Respectively in August 2016 by
1.26% (-1.26%) and 6.41% (-6.41%) from Their Pre-2007 Recession Highs

Four Consecutive Quarters of Annual Contraction in Production Are
Unprecedented Outside of Formal Recessions

Although Boosted by Collapsing Gasoline Prices and Survey Changes,
Annual 2015 Real Median-Household Income Remained Shy of
Its Level at the 2009 Trough of the Economic Collapse

August Final Demand PPI Was Unchanged at 0.00%;
Services Margins Increased 0.09%;
Goods Prices Fell 0.37% (-0.37%); Construction Inflation Was Unchanged at 0.00%