GDP Benchmark Revisions Should Weaken Headline Activity in 2014 and 2015

Outlook for Second-Quarter GDP Continues to Darken

Despite a Statistically-Insignificant Monthly Rebound in June Housing Starts,
Activity Plunged at an Increasingly-Rapid Pace of Quarterly Downturn

Building Permits and Housing Starts Both Showed Deepening Quarterly Losses:
Permits Fell by 2.8% (-2.8%) in First Quarter, by 13.0% (-13.0%) in Second Quarter;
Starts Fell by 3.3% (-3.3%) in First Quarter, by 21.9% (-21.9%) in Second Quarter

Downtrending Activity Remained Shy of Recovering Pre-Recession Peaks by
46.5% (-46.5%) for Housing Starts and by 44.6% (-44.6%) for Building Permits