Fourth-Quarter and Annual 2016 Real Merchandise-Trade Deficits
Were Worst in 10 Years, with Implied Negative GDP Revisions

Downside Payroll Benchmark Revisions to First-Half 2016 were
Accompanied by an Offsetting Growth Accelerator Added to Second-Half 2016

Upside Annual Bias Factors Were Boosted to Roughly 993,000 Jobs from 841,000,
Despite Indicated Overstatement of 2016 Payroll Growth

Current Employment Gains Exaggerated by Highly Questionable Revisions and
Revamped Seasonal-Adjustment Modeling (Still Not Comparable Month-to-Month)

Annual Growth Rates in January Payrolls and Full-Time Employment Still at
Multi-Year Lows; Payroll Growth Weakest Since Exiting the Recession

January 2017 Unemployment Rates Rose: U.3 Rose to 4.8% from 4.7%,
U.6 Rose to 9.4% from 9.2%, ShadowStats-Alternate Rate Rose to 22.9% from 22.7%

Real Construction Spending Remained in Stagnant Non-Recovery,
Still 23% (-23%) Shy of Its Pre-Recession High

December Real Median Household Income Took a Statistically-Significant Hit

January 2017 M3 Annual Growth at 3.6%, in Context of a
Major Fed Benchmarking Reducing M3 and M2 Annual Growth Rates,
Reflecting an Intensifying Flight to Cash into M1