Given Renewed Signals of a Faltering Economy, the
FOMC Rate Hike Does Not Preclude Subsequent Expansion of Quantitative Easing

Fourth-Quarter Production Appears Locked into Annual and Quarterly Contractions,
Protracted Patterns Never Seen Outside of a Recession in 98-Year History of the Series

Down by 0.44% (-0.44%) versus October, November Production Remained
Down by 1.77% (-1.77%) from Its Pre-2007 Recession High,
Down by 2.65% (-2.65%) from Its One-Month, November 2014 Recovery

Down for the Month, November Manufacturing Remained
Down by 6.21% (-6.21%) from Its Never-Recovered Pre-Recession Peak

Upturns in Oil and Gas Exploration Continued to Boost Mining Activity,
Despite a Monthly Downturn in Coal Mining

Nominal November Retail Sales Gain of 0.1% Was a Contraction of 0.2% (-0.2%)
Net of Seasonal-Factor Gimmicks and a Downside Revision to October

In an Unhappy Start to Holiday Season Sales, Headline
November Retail Activity Most Likely Was Negative After Inflation Adjustment

Monthly November PPI Inflation: Goods Up by 0.18%,
Construction Up by 0.09%, Services Up by 0.54%, Total Was Up by 0.39%

Consumer Liquidity Has Not Caught Up with Surging Post-Election Optimism