Annual Real Retail Sales Growth Has Resettled at Recession-Signal Level

First-Quarter Real Average Weekly Earnings Held in Annual Decline,
Along with Back-to-Back Quarterly Contractions; April Detail Was Mixed;
Consumer Liquidity Stresses Continued to Intensify

Headline CPI-U Inflation Rose by 0.17% in April 2017,
Pulling Annual CPI-U Inflation Lower to 2.20% (Was 2.38%), with
CPI-W at 2.14% (Was 2.35%) and ShadowStats at 10.0% (was 10.1%)

April Final-Demand PPI Annual Inflation Hit a 62-Month High of 2.45%

Moving Off Bottom, April Industrial Production Showed Solid Gains, but
Production and Manufacturing Still Remained Below Their Pre-Recession Highs

Declining April Housing Starts Held Shy of Pre-Recession Peak by 48.4% (-48.4%);
First-Quarter Starts Revised to a Quarterly Contraction, Amidst Annual Revisions