Second-Half 2018 Economic Growth Prospects Continue to Weaken, With
Tightening Systemic Liquidity and a Deepening Trade Deficit

Annual M3 Growth Sank to a 13-Month Low in September 2018, with the
Level of the Monetary Base on the Brink of Breaking to a Five-Year Low

Unemployment Dropped to 3.7%, with Employed Jumping by 420,000, While
Payroll Growth Slowed to 134,000 from an Upwardly Revised 270,000;
Hurricane Distortions Likely Depressed Both the Unemployment Rate and the
Jobs Gain Number, Given Bureau of Labor Statistics Definitional Inconsistencies

September U.3 Unemployment Dropped to a Record Lower 3.68%, from 3.85%;
Yet, Broader U.6 Unemployment Rose to 7.45% from 7.39%. On Top of U.6,
ShadowStats-Alternate Unemployment Rose to 21.3% from 21.2%

Intense Labor-Market Stresses Remained Consistent with
Headline Unemployment Near a Record High, Not at a Record Low

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