Accompanying Graphs Show Basic Nature of
Upside Biases Regularly Built into Official Economic Reporting

Industrial Production of Recent Years Revised Meaningfully Lower,
Dominated by Much-Weaker Manufacturing, Including Weaker Auto Production

Production Now Shows a Formal Double-Dip Recession, from a December 2007 Peak and a
Brief, Oil-Production-Driven Expansion to a Now, Non-Recovered November 2014 Peak

Manufacturing Now Is Shy by 5.5% (-5.5%) of Its Never-Recovered December 2007 Peak,
Still Holding in a Record 122 Months of Non-Expansion

Pending Negative Benchmarkings Implied for Retail Sales,
New Orders for Durable Goods and the Gross Domestic Product

Signals Continued for First-Quarter 2018 GDP Contraction, as the
Fourth-Quarter 2017 Disaster-Recovery Boom Turns to Bust

Real Durable Goods Orders and New- and Existing-Home Sales All Showed
Unfolding First-Quarter Contractions, versus Fourth-Quarter Booms,
Despite Monthly Gains in February

Real New Orders Activity and New- and Existing-Home Sales
All Remained Well Shy of Recovering Their Pre-2007 Recession Peaks

February 2018 Freight Index Hit a Post-2007 Recession High,
Still Shy by 11.2% (-11.2%) of Recovering its Pre-2007 Recession Peak