Real Third-Quarter 2018 GDP Gained 3.50%, Against 4.16% in Second-Quarter, Yet,
Where 70.7% of the Increase in the Level of Quarterly GDP Was in Inventories,
Annualized Real Final Sales Growth Plunged to 1.43% from 5.33%

Third-Quarter Real GDP Stood 18.5% Above Its 2007 Pre-Recession Peak, but Held
Shy by 4.9% (-4.9%) of Recovering that Peak, Corrected for Understated GDP Inflation

Advance Estimate of Third-Quarter Real Merchandise Trade Deficit
Indicated Worst-Ever Quarterly Merchandise Trade Shortfall

Third-Quarter GDP Confirmed Massive Quarterly Trade-Balance Deterioration,
Worst-Ever Quarterly Shortfall in Net Exports of Goods and Services

September New-Home Sales Collapsed to a 21-Month Low on Top of Downside Revisions;
Second-Consecutive Quarterly Contraction and Sharply Deepening Six-Month Downtrend
Confirmed Plunging Headlines Seen in Other Residential Construction and Sales Series;
Activity Constrained by FOMC Policies Pummeling Consumer Liquidity

Third-Quarter GDP Also Showed Third-Consecutive Quarterly Contraction in
Private Residential Investment

Federal Reserve Tightening Has Hit Consumer- and Systemic-Liquidity Hard,
Continuing to Threaten Any Nascent Economic Recovery

September Real New Orders for Durable Goods Growth of 0.6%
Was a Contraction of 0.8% (-0.8%), Ex-Defense, With
Gains Increasingly Driven by Government Spending, Not by the Consumer