New Private and Public Surveys Raise Serious Doubts as to the
Quality and Significance of the Headline Economic Boom, Given
Weakening Labor Conditions and Negligible Growth in Real Household Income

Intensifying Labor-Market Stress in April 2018 Was More Consistent with
Headline U.3 Unemployment at 10.4%, Instead of the New 17-Year Low of 3.9%

April U.3 Eased to 3.93% from 4.07% in March, U.6 Declined to 7.79% from 8.00%,
ShadowStats-Alternate Dropped to 21.5% from 21.7%, on Top of U.6 and U.3

Headline Count of Employed in April Was Down from February by 34,000 (-34,000);
Gaining Only 3,000 in the Month, Having Declined by 37,000 (-37,000) in March

April Payroll-Jobs Count Rose by 164,000 (up 194,000 Net of Revisions), with
Annual Growth at 1.55%, Still in Recession-Signal Territory

First-Quarter Real Merchandise Trade Widened versus Fourth-Quarter,
Contrary to Initial First-Quarter 2018 GDP Reporting

Real Construction Spending Held Shy of Its Pre-Recession Peak by 20.9% (-20.9%),
Down by 2.4% (-2.4%) in March 2018, by 0.6% (-0.6%) Year-to-Year,
Despite Large Upside Revisions to January and February Activity

Annual Money Supply Growth Weakened in April for All Measures, Along with a
Contracting Monetary Base: Declining Real Liquidity Growth Threatens the Economy