Faltering Economic Activity and Intensifying Political Discord
Continue to Peril the Dollar and to Intensify Risks of Market Turmoil

Better-Quality Reporting than Gimmicked GDP and Employment Shows
No Full Recovery from the Economic Collapse, No Economic Expansion, with
Real Business Activity Increasingly Stagnant or in Renewed Downturn

Net of Headline Inflation and Gyrations in Commercial-Aircraft Orders, New Orders
Were Down by 9.3% (-9.3%) from Their Non-Recovered, Pre-Recession Peak

Offering Some Caution for Booming Headline Retail Sales,
Motor Vehicle Orders and Shipments Declined in June and July

Housing and Construction Activity Continued In Deepening Contraction;
Six-Month Smoothed Trends All Have Turned Down

New- and Existing-Home Sales Fell in July, into Third-Quarter 2017,
Having Contracted in Second-Quarter 2017

July Existing-Home Sales Were Down by 25.2% (-25.2%) and
New-Home Sales Were Down by 58.9% (-58.9%) from Pre-Recession Peaks

Parallel Monthly and Quarterly Declines Were Seen Recently in
July Building Permits and Housing Starts, Respectively Also
Down by 46.0% (-46.0%) and by 49.2% (-49.2%) from Pre-Recession Highs