July 27th GDP Benchmark Revisions Offer a Likely Hit to Historical Growth,
Could Shift Relative Second-Quarter versus First-Quarter Patterns,
Offering a Surprise to Booming Second-Quarter Expectations

June 2018 Housing Starts, Building Permits and New- and Existing-Home Sales All
Dropped Sharply Month-to-Month, With Downtrending Six-Month Moving Averages

Shy of Recovering Pre-Recession Peaks, June Activity Was Down for
Housing Starts by 48.4% (-48.4%), Single-Unit Starts by 52.9% (-52.9%),
Multiple-Unit Starts by 30.0% (-30.0%), Building Permits by 43.7% (-43.7%),
Existing-Home Sales by 26.0% (-26.0%) and New-Home Sales by 54.6% (-54.6%)

June Manufacturing Jumped, Reversing Some of May’s Supply-Disrupted Slump,
Still Holding Shy by 5.6% (-5.6%) of Recovering Its Pre-Recession High,
Setting a Record 42-Consecutive Quarters (126 Months) of Economic Non-Expansion

Monthly Real Retail Sales Jumped in June, Boosted by Inconsistent Seasonal Adjustments

Real Growth in New Orders for Durable Goods Was Tepid in June, with the
Aggregate Series Shy of Its Pre-Recession Peak by 9.9% (-9.9%)

June Freight Index Annual Growth Backed Off Recent Surge;
Current Activity Still Shy by 5.2% (-5.2%) of a Recovering Pre-Recession High