No Such Thing as Free Trade

Worst-Ever Quarterly Real Merchandise Trade Deficit Remained on Track,
Fueling Trade "Negotiations" and Dollar, Stock-Market and Economic Concerns

Increase in Nominal Balance-of-Payments Deficit in Goods and Services Reflected
Services Import of Intellectual Property for Broadcasting the Winter Olympics

March 2018 Household-Survey Count of Employed Declined by 37,000 (-37,000),
While Full-Time Employed Dropped by 311,000 (-311,000)

March Payroll-Jobs Count Rose by 103,000 (by 53,000 Net of Revisions) but the
Gain Was Not Statistically Different from Zero at the 95% Confidence Level;
Bloated January and February Payroll Levels Revised Lower

March 2018 Unemployment Rates Declined Month-to-Month:
U.3 Eased to 4.07% versus 4.14%, U.6 Declined to 8.00% from 8.24%, and the
ShadowStats-Alternate Declined to 21.7% from 21.8%

Private Surveying of March Labor Conditions Showed
Weakening Annual Growth and No Economic Expansion

Mixed but Faltering Annual Real Growth in Construction Spending
Continued in a Pattern Last Seen Leading into the 2007 Recession

Annual Growth in March Money Supply Measures Slowed Sharply;
Monetary Base Declined Year-to-Year;
Weakened Real Liquidity Growth Threatens Economic Activity