Trade-Deficit Benchmarking Showed Deeper Deficits 2014-to-Date, with
Implications for Downside Benchmark Revisions to the GDP

Second-Quarter 2017 Real Merchandise Trade Deficit Is on Track for
Worst Showing Since Second-Quarter 2007

In Uptrending, Low-Level Stagnation, April Freight Index Gained Year-to-Year,
Holding Shy of Recovering Pre-Recession Peak by 12.6% (-12.6%)

May Real-World Employment Conditions Continued in Annual Decline, at a
Pace Not Seen Since the Depths of the 2009 Collapse

Monthly Payroll Gains Slowed on Top of Downside, Prior-Period Revisions

Slowing, Unadjusted Year-to-Year Payroll Growth Held at Low Levels
Common to Periods Preceding Economic Recession

May 2017 Unemployment: U.3 Declined to 4.3% from 4.4%,
U.6 Fell to 8.4% from 8.6% and the ShadowStats-Alternate Eased to 22.0% from 22.1%

Labor Numbers Out of Balance:
April 2017 Headline Unemployment of 4.3%, Lowest Since March 2001,
Coincided with Weakening, Near-Historic Lows in the
Participation Rate (Labor Force/Population) and Employment-to-Population Ratio

In Contrast, March 2001 Headline Unemployment of 4.3% Coincided with
Participation Rates and Employment-Population Ratios Just Off Historic Highs

Real Construction Spending Remained 21.3% (-21.3%) Short of Recovering its
Pre-Recession Peak, Still Holding in Low-Level Stagnation

Money Supply M3 Annual Growth Rose to 3.6% in May, versus 3.4% in April