Federal Reserve Has Pushed Real Annual Money Supply Growth Down to Levels
That Threaten an Intensifying, “New” Economic Contraction

Annual Growth Weakened Sharply for All Money Supply Measures in May 2018,
Along with Continued Monthly and Annual Contractions in the Monetary Base

May Labor-Market Stress Remained Consistent with
Headline Unemployment Much Closer to a Record High Than a Record Low

Headline May U.3 Unemployment Declined to 3.8%,
Lowest Level Since October 2000, at the First Decimal Point

May U.3 (Second Decimal Point) Hit a Post-1994 (Modern-Series) Record Low of 3.75%,
Down from 3.93% in April, Otherwise at the Lowest Level Since December 1969

May U.6 Unemployment Declined to 7.59%, from 7.79%, the Lowest Since October 2000

The May ShadowStats-Alternate Eased to 21.4%, from 21.5%, Lowest Since September 2009,
Declining on Top of U.6 but Still Tempered by Long-Term Discouraged and Displaced Workers

May Payroll Jobs Gained 223,000 (up by 238,000 Net of Revisions), but with
Annual Growth of 1.61% Still in Recession-Signal Territory

Real Construction Spending Held Shy of Its Pre-Recession Peak by 19.5% (-19.5%),
Despite Surging Headline Activity in April 2018, and in the Context of
Unstable Reporting and Pending Benchmark Revisions