Benchmark Revisions Knocked Off Roughly Two-Percent Real Growth from
Manufacturers’ Shipments and Related Economic Activity Since 2015

Monthly Gains of 0.7% in Both March and April 2018 Industrial Production
Were a Decline of 0.1% (-0.1%) and a Gain of 0.1%, Net of Prior Months’ Revisions

First-Quarter Industrial Production and Manufacturing Revised Sharply Lower:
Production Now 0.43% (-0.43%) Below Fourth-Quarter 2014 Peak (Previously Recovered);
First-Quarter Manufacturing Now 6.07% (-6.07%) Below Its Pre-Recession Peak

April Manufacturing Hit a Record 124 Months of Economic Non-Expansion

April Freight Index Rose to a Post-Recession High, With Strong Annual Growth,
Albeit Off Peak, with Activity Still Shy by 6.65% (-6.65%) of a Full Recovery

April Real Retail Sales Gained 0.08% in the Month, 2.20% Year-to-Year,
With Likely Major Downside Benchmark Revisions Looming on May 25th

Despite Upside Revisions to February and March Real Retail Sales, the
Somewhat-Narrowed First-Quarter Contraction of 2.05% (-2.05%) Still Was
Deepest Since the 2009 Depths of the Great Recession

Given No Apparent Improvement in Reporting Quality,
Annual Revisions to Nonsensically-Volatile Housing Starts Were Nil;
Inconsistent Building Permits Revised Higher by 2.1% Only in 2017

Starts and Permits Continued in Low Level, Non-Recovering Stagnation, Still
Down by 43.4% (-43.4%) and 40.3% (-40.3%) from Pre-Recession Highs