The Consumer Suffered Heavily in First-Quarter 2018, Reflected in
Contracting Goods Consumption and Unchanged Residential Investment

It Is the U.S. Consumer Who Fundamentally Drives the Economy,
Not the Healthcare, Insurance or Financial-Services Industries

Consumer Liquidity Conditions Bode Poorly for Near-Term Activity

First-Quarter 2018 Gross Domestic Product (GDP) Annualized Real Growth
Slowed to an Upwardly-Gimmicked 2.32% from 2.89% in Fourth-Quarter 2017,
Amidst Unusual Inflation- and Trade-Deficit-Reporting Patterns

Better-Quality Economic Measures Show No Economic Expansion

Some Pick-Up in the Velocity of Broader Money Supply

First-Quarter 2018 Real Merchandise Trade Deficit, Indicated as Worst Since
Third-Quarter 2006, Backed Off Its Worst-Ever Reading

First-Quarter Real Durable Goods Orders Were Flat, Ex-Commercial Aircraft

First-Quarter 2018 Existing-Home Sales
Fell by an Annualized 6.1% (-6.1%) in the Quarter, by 1.7% (-1.7%) Year-to-Year,
Despite Gains in Wildly-Unstable and Volatile New-Home Sales Reporting

Major Downside Benchmark Revisions Loom for Series Such as
New Orders for Durable Goods and Retail Sales, and a Widened the Trade Deficit;
Beware the GDP Comprehensive Benchmark Revision in July