With Contracting Monthly, Quarterly and Annual Activity,
Real Construction Spending Remained Down by 25% (-25%) from
Recovering Its Pre-Recession Peak

Weakest Real Construction Spending Growth since Series Trough in 2011

Widening of August Trade Deficit Was Due to Shrinking Services Surplus,
Reflecting Payments for Importing Rio Olympics Intellectual Property

With Second-Quarter Real Merchandise Trade Deficit Worst Since 2007,
Temporary Soybean Export Explosion Has Narrowed Third-Quarter Deficit

Central Bank Intervention Appeared to Drive October 4th Gold Selling.
Is a Policy Shift Pending?