Amidst a Faltering Economy, Political Discord Perils the Dollar and
Intensifies Risk of Major Market Turmoil

Freight Index Continued in Low-Level Non-Expansion,
Down 11.7% (-11.7%) from Its Pre-Recession Peak

June Gain in and May Upside Revisions to New Orders Reflected Surges in the
Irregularly-Unstable Monthly Reporting of Commercial Aircraft Orders,
Which Were Up by 131.2% in June and Revised Higher by 11.7% in May

6.5% Gain in June New Orders Was Just 0.2%, Net of Commercial Aircraft

Net of Commercial Aircraft and Inflation, Orders Were
Down 10.0% (-10.0%) from Their Pre-Recession Peak

Consumer Related: Motor Vehicle Orders and Shipments Declined in June

Decimated Second-Quarter 2017 Home Sales and Related Construction:
Quarterly Contractions in New-Home Sales (-12.3%), Existing-Home Sales (-3.7%),
Building Permits (-13.0%), Housing Starts (-21.9%), Single-Unit (-7.0%), Multiple-Unit (-47.3%)

Monthly Existing-Home Sales Declined in June,
Small Gain in New-Home Sales Was Unchanged Net of Revisions

June Existing-Home Sales Were Down by 24.1% (-24.1%) and
New-Home Sales Were Down by 56.1% (-56.1%) from Pre-Recession Peaks