Federal Reserve Liquidity Squeeze Has Intensified Sharply,
Threatening to Smother Any Nascent Economic Recovery

Annual Real Money Supply Growth Has Slowed Anew,
Annual Nominal Monetary Growth Base Is Plummeting

August 2018 Private Labor-Market Surveying Showed Weakening Activity

August Household-Survey Employed Dropped by 423,000 (-423,000), with
Full-Time Employed Down by 444,000 (-440,000)

Headline August Payroll Gain of 201,000 Was 151,000, Net of Revisions

August U.3 Unemployment Edged Lower to 3.85%, from 3.87% in July;
Broader U.6 Unemployment Fell to 7.39% from 7.54%. On Top of U.6,
ShadowStats-Alternate Unemployment Declined to 21.2% from 21.3%

Labor-Market Stresses Increased Sharply, Consistent with
Headline Unemployment Closer to a Record High than Just Off a Record Low

July Nominal Balance-of-Payments and Real-Merchandise Trade Deficits
Deteriorated Sharply, Likely to Reverse Trade Boosts to Second-Quarter GDP

July Real Construction Spending Continued Dropping Month-to-Month,
Slowing Year-to-Year, Holding Shy of Its Pre-Recession Peak by 20.5% (-20.5%)