Third-Quarter U.S. Real Merchandise Trade Deficit Was the Worst Ever

Consumer Outlook Plummets

Private Surveying of October 2018 Labor-Market Demand Showed Sharp Slowing

October U.3 Unemployment Rose to 3.74% from Record-Low 3.68% in September;
Broader U.6 Unemployment Eased to 7.43% from 7.45%; On Top of U.6,
ShadowStats-Alternate Unemployment Notched Lower to 21.2% from 21.3%

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

October Payroll Gain of 250,000, versus 118,000 in September Likely
Reflected a Relative Boost versus Hurricane-Depressed September Numbers

Third-Quarter 2018 Real Construction Spending Contracted Quarter to Quarter,
Total Construction Spending Fell at an Annualized Pace of 1.7% (-1.7%),
Private Residential Construction Spending Contracted by 6.6% (-6.6%),
Down by 2.8% (-2.8%) Before Inflation Adjustment

Weakening Residential Construction and Sales Activity Reflect
Impact of Federal Reserve Tightening and Related Consumer Liquidity Squeeze

Annual M3 Growth Sank to a 14-Month Low in October 2018, with
M2 at an 8-Year Low, and M1 at a 10-Year Low (Other Than For Recent Months);
With the Level of the Monetary Base at a 21-Month Low