Second-Half 2018 Economic Growth Prospects Are on the Wane, With
Third-Quarter Real Merchandise Trade Deficit Headed for a Record Shortfall

August Private Labor-Market Surveying Showed Some Pickup

Federal Reserve Tightening Hits the Consumer Hard,
Threatening Any Nascent, Broad Economic Upturn

Total August Real Construction Spending, Residential and Nonresidential,
Fell for Third Straight Month; Private Spending Down, Government Spending Up

Clobbered by Intensifying Consumer Liquidity Troubles, All
Major Residential-Construction and Home-Sales Indicators in August
Held in Deepening, Six-Month Moving-Average Downtrends

Residential Sales and Construction Held Shy of Recovering Pre-Recession Peaks:
Existing-Home Sales by 26.5% (-26.5%), New-Home Sales by 54.7% (-54.7%),
Building Permits by 45.7% (-45.7%) and Housing Starts by 43.6% (-43.6%)

Ex-Defense and Commercial Aircraft, August Real Durable Goods Orders
Fell by 0.5% (-0.5%); Automobile Orders and Shipments Declined;
Growth Driven by Government Spending, Not by the Consumer

Second-Quarter Real Gross Domestic (GDP) Revised to 4.16% from 4.23%;
Purported Equivalent Gross Domestic Income (GDI) Revised to 1.62% from 1.81%

Real GDP Stood 17.4% Above Its 2007 Pre-Recession Peak, Yet It Held
Shy by 5.2% (-5.2%) of that Peak, Corrected for Understated GDP Inflation