Fedspeak Enters the Realm of the Ridiculous, Suggesting Healthy
Payroll Growth at a Recessionary 50,000-to-100,000 Jobs per Month

The Fed Moves to Redefine U.S. Economic Normalcy as
Reflecting Non-Recovering, Stagnant Activity and
Large Numbers of Labor-Force Non-Participants

An Extraordinarily Volatile and Uncertain Presidential Campaign
May Be Constraining Near-Term Economic Activity

Third-Quarter Durable Goods Orders Declined Quarter-to-Quarter and
Year-to-Year, Both Before and After Adjustment for Inflation;
Ex-Commercial Aircraft, Orders Gained

Home Sales Activity Continued in Broad, Non-Recovering Stagnation

September New-Home Sales Gained in the Month,
Only Because of Massive Downside Revisions Back to June

September Existing-Home Sales Gain Boosted by Downside August Revision