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

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

In Ongoing, Low-Level Stagnation, May Freight Index Gained Year-to-Year,
Holding Shy of Recovering Its Pre-Recession Peak by 12.1% (-12.1%)

Construction Spending Benchmark Revisions Confirmed
Likely Downside-Benchmark Revisions Pending for the GDP

Recent Patterns of Real Annual Growth in Construction Spending
Revised from Uptrending to Sharply Downtrending, Consistent with a Recession

Real Construction Spending Remained 20.7% (-20.7%) Shy of Recovering Its
Pre-Recession Peak, Still Holding in Low-Level Stagnation